The County of Los Angeles has closed financing on a $302.3 million, 13-story, 468,000-square-foot administrative building at 510 S. Vermont Ave. in Koreatown.
The county government is using a public-private partnership with Los Angeles County Facilities Inc., a special purpose not-for-profit whose sole member is Public Facilities Group, a Seattle-based municipal shop focusing on social infrastructure financing.
The 13-story administrative building will sit atop an eight-story parking structure. An additional 10-story parking structure will be built adjacent to the administrative building.
Construction on the property is scheduled to begin Aug. 9.
The property will house the Los Angeles County Department of Mental Health, along with other county departments.
CBRE Group Inc. subsidiary Trammell Crow Co., Gensler and Hathaway Dinwiddie are involved in the project, said John Finke, Public Facilities Group president, in a statement.
Under the deal, the term of the county’s debt is 33 years and the county will lease the property, with lease payments constituting debt service, according to Matt Calcavecchia, vice president at Public Facilities Group. Once the debt is retired, the ownership of the facility will revert to the county at no additional cost, he said.
You May Also Like
- Office Campus Deal Heats Up Creative Hot Spot
- Weighing Plans for a Koreatown Museum
- Koreatown Towers Sold for $283 Million
- Brooklyn Cos. Buys Mixed Use Building in Koreatown for $11.3M
- Tutor Perini Wins $510 Million NYC Contract
- Los Angeles County Votes to Seize South L.A. Property
- Bidders Quick to Move on Affordable Housing