Mayor Garcetti Points to Job Growth Spurred by New Estimated $500 Million Development in Downtown Los Angeles

Unveiled today, Circa, a new mixed-use project, is set to bring about 1,000 jobs to LA

LOS ANGELES--()--More than 150 people were on hand in the heart of the downtown Los Angeles entertainment district to witness the official unveiling of Circa, a nearly $500 million, mixed-use development that includes both luxury rental apartments and retail, located at 1200 S. Figueroa Street. Accompanied by Councilmember José Huizar from the Los Angeles City Council’s 14th District, Los Angeles Mayor Eric Garcetti touched on the key components that will boost economic growth with the creation of approximately 1,000 jobs over the next 30 months.

“Circa means today’s desirable urban lifestyle will be more accessible to residents and visitors alike as we build one of the best projects in the market”

“I am proud to lead the transformation of Downtown L.A. into a vibrant residential, business and cultural center. This project will create 1,000 jobs for the area and inject almost half a billion dollars into our local economy,” said Mayor Eric Garcetti. “L.A. is the model 21st century city, a world class destination that continues to be an investment magnet for people from around the globe.”

Totaling 1.6 million square feet on a prime 2.7-acre site situated at 12th Street between Figueroa and Flower, Circa will feature luxury living and prime retail that will tie together South Park and the Sports and Entertainment District, two of the most dynamic residential and retail submarkets in the heart of downtown Los Angeles. Anchored by STAPLES Center, LA Live and the Los Angeles Convention Center, the development is set to achieve an urban synergy of entertainment and residential activity that will rival New York City’s Time Square with:

  • Two 35-story towers housing 648 luxury rental units located on top of a 100-foot high podium which will serve as a two-acre amenity deck for residents
  • 48,000 square feet of prime retail space
  • Approximately 1,770 parking spaces for guests and visitors
  • 15,000 square feet of digital signage

In addition to the digital signage, there will also be a combined 12,500 square feet of static signage facing Flower Street and on the tower crowns. Public amenities will include up to three restaurants on the 12th Street Plaza and up to four major-brand retailers between Figueroa and Flower Street.

Circa means today’s desirable urban lifestyle will be more accessible to residents and visitors alike as we build one of the best projects in the market,” said Scott Dobbins, president of Hankey Investment Company, which is one of four investment entities that comprise 1200 S. Figueroa Street, LLC, the official entity that owns the project. “This project is located on the front row of Los Angeles – near Metro stops and ample parking with access to new and exciting dining and retail options – Circa will create the ‘there’ in DTLA as one of the most dynamic parts of the city.”

To meet the needs of area residents as well as Los Angeles’ growing population, Circa will provide 648 one-bedroom, two-bedroom and penthouse units ranging in size from 700 to 3,800 square feet. Rising to three penthouse levels and topping out at 400 feet on the 35th floor, the units will be built to “condo specifications,” complete with luxury and European high-end finishes, all with sweeping views of Downtown Los Angeles, the San Gabriel Mountains or the Pacific Ocean to the west over STAPLES Center. In addition, residents will have exclusive access to the posh, resort-like amenity deck, featuring Circa’s signature round lounge pool appointed with private cabanas, spas and a sun deck. The two-acre, exquisitely landscaped deck will also have multiple BBQ stations with private open-air dining areas, two dog parks with dog owners lounge, as well as fire pits and fireplaces for ambiance. Circa’s fitness building, also located on the deck, will be equipped with its own lap pool and indoor and outdoor yoga/pilates facilities. Circa’s Club House located adjacent to the west tower sky lobby will have an indoor bar, pool table, a dozen event screens, and an outdoor bar with a fireplace and viewing area high above the action on Figueroa fronting Staples Center. Also included will be a private chef’s kitchen and dining room, two business centers and a library-wine bar adjacent to the east tower sky lobby.

“When it comes to revitalization and economic investment in Downtown Los Angeles and South Park, the sky truly is the limit,” said Councilmember José Huizar. “Circa will bring excellent housing, retail and services, as well as a serious boost to our local and regional economy. I look forward to working with Hankey Investment Group, Jamison Services and Mayor Garcetti to ensure that this project moves forward as smoothly as possible.”

Ownership of the project comprises Hankey Investment Company, Jamison Services Inc., Falcon California Investments and Highlands Capital Inc. Project consultants include LendLease, serving as the general contractor; Wilshire Construction, LP serving as the construction management firm; Harley Ellis Devereaux, serving as the project architect and HansonLA, serving as the interior architect. The project is tentatively scheduled to open its doors in September 2017.

About Hankey Investment Company

Hankey Investment Company LP (HIC), a member of the $3 billion Hankey Group of Companies, is a private, opportunistic and active real estate investment firm with a 30-year track record of investing in Southern California real estate. Circa joins the HIC portfolio among over one million square feet of commercial buildings and a half million square feet of urban development land, currently valued at over $450 million. HIC also actively purchases distressed real estate notes from financial institutions, purchasing over $150 million in notes over the last several years. For more information, please visit www.hiclp.com.

About Jamison Services, Inc.

Jamison Services, Inc. is a privately managed company engaged in ownership, management, development and acquisition of commercial real estate. Headquartered in Los Angeles, California, it currently manages and leases over 100 commercial buildings comprising about 22 million square feet. With a market capitalization over $3 billion, Jamison Services, Inc. continues to expand by actively pursuing commercial real estate in the Los Angeles market and currently has over 3,000 residential units in its development pipeline. For more information, please visit www.jamisonservices.com.

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Contacts

The Hoyt Organization, Inc.
Leeza Hoyt, llhoyt@hoytorg.com
Nicky Hamila, nhamila@hoytorg.com
310-373-0103