Lowy Development's Parkside--another CRA approved project within the emerging South Park district downtown--has received the largest loan in the history of the California Housing Finance Agency--$17.1 million.
The 200-unit apartment complex at 900 S. Grand Ave., scheduled for construction in February, will include 14,900 square feet of retail space on the ground floor, full security and a helistop for emergency use.
Designed by Kurt Meyer Partners, the 300,000-square-foot, nine- and 17-story structure will reflect a modified Post-Moderne look designed to relate to earlier neighboring Beaux Arts giants such as the Insurance Exchange and Coast Federal Savings structures.
Clifton Allen, who designed Parkside for the Meyer partnership, explained his "deliberate attempt to break up the architectural mass by creating a dramatic height contrast between the residential tower and wing and using color gradation to further define these elements."
Parkside will offer 15 floor plans that will include penthouse units, all within a rental price range of about $700 to $1,200 a month.
Recreation and common areas will include a running track and other exercise and recreation areas, spas and swimming pool.