Los Angeles-based Inception Property Group is developing a seven-story, 151,146-square-foot senior living project on speculation — without an operator — in downtown Los Angeles and expects to speak with seasoned urban senior living operators over the next few months.
“For years now, the downtown area has consistently added new retail, dining and hotel amenities; however, new senior living development opportunities in downtown Los Angeles haven’t yet surfaced, despite a trend towards senior living developments popping up in other North American urban areas, including Seattle; New York; Portland, OR; Chicago; and Mexico City,” said Peter Becronis, co-founder of the privately held real estate development firm. “We anticipate significant interest from senior living operators ready to access this Los Angeles market.”
Groundbreaking is anticipated for 2021, with residents moving in as early as 2023.
“There is more pent up demand here for senior living options than anywhere else in the country,” Inception Property Group co-founder Adam Matar said.
The property is close to the Staples Center, home to the Los Angeles Lakers, Clippers and Sparks basketball teams, the Los Angeles Kings hockey team and Los Angeles Avengers arena football teams as well as large concert events; the LA Live retail and entertainment complex; and the Los Angeles Convention Center.
“To now have a choice to age in place within a stone’s throw of world class sports, special events, cultural programs, LA Live, and light rail will be attractive to many Angelenos and newcomers alike,” Becronis said.
The mixed use senior living development will include amenities such as on-site physicians’ offices, experiential retail and a rooftop activities deck.