Parc Place set for the next step

October 15, 2018 by  

After 10 years, Parc Place, a project of the MG3 Development Group, is finally moving forward, and will rise on Hollywood’s Young Circle. The go-ahead came early in September, when the Hollywood City Commission approved the project.

MG3 is represented by Saul Ewing Arnstein & Lehr, whose partner, Keith Poliakoff, says the project will be constructed in phases. The first phase will be a parking garage with 330 spaces in an 11-story structure. The second phase will be two apartment towers that offer 137 housing units. The third phase will be another residential tower, a curvilinear shape, with 296 units in 26 stories.

In addition, approximately 10,000 square feet at ground level will be available for retail uses and will be divided among the buildings. A high-rise developer who has yet to be named will be responsible for the construction of the largest apartment building. Developers of projects can work with brochure printers to create booklets for prospective tenants.

The third phase will also feature 11 artists’ lofts on each of the building’s second and third stories, totaling 22 of these units. The lofts will have a view of Young Circle’s ArtsPark. In addition, the artists’ work will be displayed on mesh fabric outside the tower.

MG3 would like to begin building the parking garage in Spring 2019, but there has been no estimate of the project’s total cost.