SunCal Purchases 15-acre Arts District Site in Downtown Los Angeles

IRVINE, Calif., March 26, 2015 /PRNewswire/ -- SunCal, one of the largest real estate development companies in the U.S. that specializes in large-scale, mixed-use master-planned communities, has closed escrow on the 15-acre Sixth and Alameda property in downtown Los Angeles. The transaction was concluded for an undisclosed sum. SunCal's partner on this transaction is a fund affiliated with MSD Capital, the private investment firm for Michael Dell.

The urban infill site is situated in the Arts District in downtown Los Angeles, and it is the largest property in this land-constrained neighborhood. It also represents the largest core development opportunity in Los Angeles. The Arts District is one of the most in-demand neighborhoods in the L.A. area, and the property is near many lifestyle amenities and major event venues such as the Walt Disney Concert Hall, Dorothy Chandler Pavilion, Ahmanson Theater, LA Live, Nokia Center and Staples Center.

SunCal will establish its design plans for the future development of the site after it has completed a visionary process that will include collaboration with local Arts District partners, the general community and City officials. A series of community outreach meetings will be organized to obtain input that will help shape the site plan and mix of uses.

"This Arts District property represents a unique urban infill opportunity offering ample space and flexibility to create a marquee development for Los Angeles," said Jeffrey Sofferman, Senior Vice President, SunCal. "We believe that some of the uses that are likely to become part of this development include live/work, creative office and public gathering spaces, among others."

Headquartered in California, SunCal has been actively pursuing property acquisitions in gateway markets around the country. In addition to this latest transaction, in recent months the company acquired a former General Motors plant property in Sleepy Hollow, New York, which it will develop into a mixed-use, waterfront community on the Hudson River.

SunCal acquires, entitles and develops major residential properties and commercial developments.  The company creates distinctive master-planned and mixed-use communities that emphasize quality of life, environmental sensitivity and recreational opportunities. SunCal is one of the largest real estate development companies in the U.S. that specializes in large-scale, mixed-use master-planned communities, and has offices in Irvine, Calif.; Northern California; New York City; Washington, D.C.; Las Vegas; Austin, Texas; and Savannah, Ga. For more information, visit www.suncal.com.

SOURCE SunCal

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