Blackstone and CityView Break Ground on Final Phase of Barker Block
Construction to Begin on State-of-the-Art Condo Unit Complex
LOS ANGELES--(BUSINESS WIRE)-- Blackstone in partnership with CityView today announced that construction has begun for the final phase of Barker Block, a residential community in the Arts District of downtown Los Angeles. The final phase will convert an original Angeleno warehouse into 68 state-of-the-art lofts and townhomes for a total of 72,451 square feet. When finished, Barker Block will comprise 309 condo units.
The Barker Block condo units, developed by Blackstone and CityView in partnership with The Kor Group, will be the first for-sale homes in Los Angeles since the economic downturn. The project is the result of a $150 million investment, with $25 million committed for the final phase. Construction of the final 68 units is expected to generate around 100 jobs for the local economy.
Los Angeles Mayor, Antonio Villaraigosa, said, "Our City depends on investors making commitments to our future. I would like to thank CityView and Blackstone for making this additional commitment to our Downtown Arts District. They will join the City's Clean Tech Lab alongside other new and exciting things happening in the district."
Jon Gray, Global Head of Real Estate for Blackstone, said, "Blackstone's investment demonstrates the impact that private capital can have on revitalizing America's urban neighborhoods. We are proud to have partnered with the City of Los Angeles and CityView to build a new set of homes and, in doing so, contribute to the growth of the local economy."
Henry Cisneros, Chairman of CityView, said, "Barker Block is one of CityView's most creative urban infill housing projects. These unique and historic live-work homes have helped create the vibrant new mixed-use Arts District, and the completion of this final phase signals returned strength to the Downtown housing market. CityView is proud to have Blackstone as our investment partner and The Kor Group as our builder."
Barker Block units are located in a collection of loft buildings first constructed at the beginning of the 20th century. Many of the existing structures and materials have been repurposed and reused to preserve historic elements. The project also incorporates green design features including water-efficient landscaping and energy-efficient homes that utilize insulated dual-pane windows and Energy Star appliances. Nakada and Associates served as the architecture design firm.
Blackstone is a global leader in private equity real estate investing. Founded in 1991, Blackstone's real estate business is the largest opportunistic real estate investment manager in the world, with more than $50 billion in investor capital under management. Blackstone's portfolio includes hotel, office, retail, industrial and residential properties in the United States, Europe and Asia. Major holdings include: Hilton Worldwide, Equity Office Properties, Brixmor shopping centers and London's Broadgate office complex. Blackstone seeks to create positive economic impact and long-term value for its investors, the companies they invest in, the companies they advise and the broader global economy. In addition to managing real estate private equity funds, our alternative asset management businesses include the management of private equity funds, hedge fund solutions, credit-focused funds and closed-end mutual funds. Blackstone also provides various financial advisory services, including financial and strategic advisory, restructuring and reorganization advisory and fund placement services. More information is available at www.blackstone.com. Follow us on Twitter @Blackstone.
Headquartered in Los Angeles with offices in New York, San Francisco, and San Antonio, CityView is one of the nation's premier institutional investment firms focused on urban real estate. CityView was founded in 2000 by Henry Cisneros, Secretary of the U.S. Department of Housing and Urban Development in President Clinton's Administration, with the mission of providing "Smart Capital for Smart Growth." To date, CityView has financed projects in 72 communities across 13 states. For more information, visit www.cityview.com.
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