Last month, JLL Capital Markets announced a $54.7-million construction loan for The Depot, a proposed development from The Luzzato Company. The project, slated for a 1.5-acre site at 3609-3645 10th Avenue, would include approximately 107,000 square feet of office space.
HLW International is designing The Depot, which would include a new three-story edifice clad in corrugated metal panels. A conceptual rendering of the new building shows setbacks on the second and third floors that would be used to create terrace decks for tenants. Plans also call for a subterranean parking garage.
Financing for the project includes a $28 million senior loan through Bank OZK and a $26.725 million mezzanine loan through Related Fund Management.
The Depot follows a series of new developments from the Luzzato Company in Jefferson Park which have replaced mid-century buildings that once housed the dairy products division of Unified Grocers. Olson Homes previously obtained approvals to build new townhome-style condominiums on the properties, similar to the company's Expo Walk project on the south side of the Metro right-of-way.
One of Luzzato's other projects, a 94,000-square-foot office complex now under construction a block west on 10th Avenue, is poised to become the new headquarters of fast casual restaurant chain Sweetgreen.
“The Luzzatto Company is one of the most highly respected and successful local developers in Los Angeles and was a pioneer in the creative office movement from the beginning,” said JLL Capital Markets managing director Jeff Sause in a news release. “Designed by HLW, an internationally acclaimed architecture firm, The Depot will follow in the footsteps of Luzzatto’s numerous other developments in the immediate area, including the GOAT headquarters, and the Sweetgreen headquarters, among others, which have all been completed and pre-leased by Luzzatto in the last three years.”
The firm has shown a penchant for properties within walking distance of Metro rail stops. Just west of Expo/Bundy Station in Sawtelle, the Luzzato Company also developed an 80,000-square-foot office building which is now home to USC's Lawrence J. Ellison Institute for Transformative Medicine.
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