Southern California’s Hard-To-Crack Senior Living Market Is Getting A Major New Urban Development In L.A.
LOS ANGELES–A new seven story, 151,146 square foot senior living project will be developed two blocks from the Staples Center and LA Live at 1334-1356 South Flower Street, in the South Park area of Downtown Los Angeles. The new urban lifestyle development, which will include amenities such as on-site doctor offices, experiential retail, and a rooftop activities deck, is by Inception Property Group.
Representatives for the organization have stated that Southern California is overdue for new senior living options based on the double impact of population growth and lack of new senior living construction starts over the years.
“This new active lifestyle community will open up the heart of downtown Los Angeles to seniors who want a rare urban experience in Southern California. There is more pent up demand here for senior living options than anywhere else in the country,” said Inception Property Group’s Adam Matar.
Peter Becronis, a founding partner of the firm, added, “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.”
Inception will be accepting expressions of interest from seasoned urban senior living operators over the next few months, and groundbreaking for the new mixed use senior living development is anticipated for 2021. Residents will move in as early as 2023.
The project is ½ a block from a lightrail station and is adjacent to the LA Live retail and entertainment experience, Staples Center (home to the Los Angeles Lakers, Clippers and Sparks basketball, the Los Angeles Kings hockey and Los Angeles Avengers arena football teams as well as large concert events) and the Los Angeles Convention Center (home to the L.A. Auto Show and numerous other events). These venues are also scheduled to host events for the 2028 Summer Olympics.
The project is also a short shuttle ride from the Walt Disney Concert hall (home to the Los Angeles Philharmonic orchestra and the Los Angeles Master Chorale), the Los Angeles Music Center (home of the Los Angeles Opera), many museums including the Broad Museum and the Museum Of Contemporary Art, and to many retail, dining and cultural experiences. The project is also adjacent to several other recently-announced hotel and high-rise multifamily developments.
“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 Becronis. “We anticipate significant interest from senior living operators ready to access this Los Angeles market.”
Inception Property Group is a privately held real estate development firm led by healthcare industry leaders Adam Matar, Peter Becronis, and Doug Wolfley. Inception’s committed to improving access to care in unserved and underserved communities across the Western U.S. through investments in local healthcare infrastructure.