After four years of construction, tenants have started moving into a new residential high-rise at the base of Bunker Hill and a stone’s throw away from Pershing Square. Last week, Park Fifth officially opened, marking the completion of a major residential project that had been in planning for the past 12 years.
Developed by the San Francisco-based MacFarlane Partners, which is also developing Angels Landing a block north, the 24-story building started accepting move-ins last week for its 347 apartments. Located at 427 W. Fifth St., the building sits immediately north of Pershing Square. As of press time, the building is 8.3% leased.
MacFarlane Partners has positioned the residential building as a luxury product, marketing it for that particular demographic.
“We feel this location, this building, is perfectly suited to take advantage of what Downtown Los Angeles offers,” Kevin Roberts, senior vice president for development at MacFarlane Partners, told Los Angeles Downtown News. “It’s at the nexus of Bunker Hill and the Historic Core, knitted together at Pershing Square. With what we’ve designed that’s going to appeal to the luxury market and the luxury renter.”
Roberts said the location is ideal for anyone working in business hubs such as Bunker Hill, the Financial District, or the Arts District. He pointed to the proximity of the Pershing Square Metropolitan Transportation Authority station, which he noted is only 80 feet away.
The project has been in the works for more than a decade. The Park Fifth project was initially broached in 2007 by developer David Houk, with plans for a 76-story high rise. The Los Angeles City Council approved the project in 2008, but the financial crisis and recession halted the development. MacFarlane Partners took over the site in 2014, revamping plans for the smaller, two-building plan that eventually broke ground in 2016 and wrapped this year.
In addition to its proximity to the Metro station, it is also caddy corner to the historic Millennium Biltmore Hotel.
Park Fifth is the second phase of the block-encompassing development from MacFarlane Partners. The first, the seven-story Trademark, opened in October. Together, the two buildings offer a combined 660 apartments. The property management firm Greystar operates both buildings. The budget was initially reported as $300 million during construction, although the developer declined to give a final cost.