The former Lowe Enterprises Investment Management LLC, renamed Lowe, broke ground on its Culver City, Calif., development, worth approximately $300 million, Commercial Property Executive reported, citing an interview with the company's senior vice president, Tom Wulf.
Lowe is developing the mixed-use, transit-oriented Ivy Station in partnership with co-developer AECOM Capital and a Rockwood Capital LLC-sponsored investment vehicle, that is pooling in additional finances.
The property's 500,000-square-foot space will feature several low-rise buildings on 5.2 acres of infill site, 200 apartments, a 148-room boutique hotel and a 200,000-square-foot office tower, along with 55,000 square feet of retail offerings and restaurants at ground level. Moreover, 1,500 below-grade parking spaces will also be accommodated in the project designed by Killefer Flammang Architects and EYRC.
The Bank of the Ozarks also committed to a construction loan for the development, which will be launched in the fall of 2019, the Aug. 10 report noted.