About 5-OH Phase One
S Olive St & W 5th St, Los Angeles, CA 90013
The first phase of Park Fifth will be a seven-story residential building consisting of 313 rental apartments and 7,500 square feet of retail space. Construction of the mid-rise building began on July 25, 2016, and completion is expected in 2019. The project’s second phase calls for the construction of a neighboring, 24-story high-rise with 347 residential units and 5,300 square feet of retail space.
The two Park Fifth buildings will be developed on what was a 2.3-acre parking lot at West 5th Street and South Olive Street, directly across from Pershing Square and diagonal to the historic Millennium Biltmore Hotel. The site is adjacent to the Pershing Square Metro Station, which provides commuters with underground rail access to points throughout Los Angeles. It also is located along the planned route of downtown’s restored streetcar line and is one block from both Grand Central Market and the financial district on Bunker Hill.
Among the amenities in the Park Fifth mid-rise building will be a 14,000-square-foot courtyard on an elevated podium deck that will be more than 160 feet wide and include barbecues and outdoor dining and recreation areas; a pool deck with a zero-edge, 60- by 20-foot pool with cabanas, a poolside bar and hot tub; and an indoor/outdoor fitness center with cardio equipment, a weight room and “fitness-on-demand” virtual group-fitness services. The mid-rise also will feature resident lounges with ample seating, multiple entertainment and media offerings, a bar, kitchen and private dining areas.
The project, including an increase in proposed residential density from 615 to 660 apartments and a decrease in cumulative commercial area from 17,000 square feet to slightly under 14,000 square feet.