Merlone Geier Partners, a private real estate investment firm, and GLJ Partners, a real estate operating company, have announced plans to build a $110 million mixed-use project in Marina Del Rey, located in Los Angeles County. The project will incorporate sustainable, energy-saving features.
Two mid-rises with 244 luxury apartments are planned above 9,000 sq. ft. of retail space. According to the partners, it will be the only residential project of comparable size in west Los Angeles that is projected to open in the next two years.
Groundbreaking is planned for September, with completion scheduled for spring 2012. The project team will seek LEED silver certification by the U.S. Green Building Council for its use of sustainable materials, interior finishes and energy-efficient construction techniques. Architectural design firm DesignARC plans a pedestrian-friendly streetscape with 15 new trees.
“The chic eco-conscious design of the project, along with a vibrant new streetscape, abundant amenities and retail offerings, will enhance and energize this empty corner, creating an exciting and engaging new entryway to Marina Del Rey,” says Jim Atkins, managing partner for Merlone Geier Partners.
At Marina Del Rey, the aim is to create a green, urban, high-density, mixed-use project with a relatively low carbon footprint. Apartment residents will be able to take advantage of shopping, dining and entertainment offerings on the street to cut down on auto trips. Movie theaters, grocery stores, and a marina marketplace also are within walking distance.