OCTOBER 29, 2008
Urban Housing Starts 163-unit Project
By Bob Howard
MONROVIA, CA-Urban Housing Group of El Segundo, CA has started construction of a new 163-unit apartment and retail project called the Paragon at Old Town in Old Town Monrovia. The El Segundo-based firm, which is a privately held company specializing in the development of multifamily and mixed-use projects, plans 6,000 sf of retail space the Courtyards, which is designed by the architecture firm KTGY.
According to Dan Deibel, vice president of development for Urban Housing, the new project will bring access to the neighborhood-serving retail space, transportation and employments centers to the infill location. The four-story buildings of the Courtyards will house apartments of one and two bedrooms along with the ground floor retail and commercial space. The complex, finance by HSBC Realty Credit Corp., is scheduled to be completed April 2010.
Common area amenities at the Courtyards will include a pool and a spa, a fitness center, a clubhouse and seven landscaped courtyards. The apartments will be luxury units with interior finished including granite countertops, maple cabinets, broadband wiring, in-unit laundry and nine-foot ceilings.
Urban Housing has already begun construction on the parking structure for the project and has slated the official groundbreaking for the development on Tuesday. Larry Scott, recently named managing director of Urban Housing Group, points out that the project builds upon Urban Housing's more than 50 years of multifamily development experience through its parent company, Marcus & Millichap Co.
Urban Housing recently hired Scott, who formerly was with Avalonbay, to the newly created position of managing director as the El Segundo-based firm expands in Southern California. The company said that is it expanding its focus on development of luxury rental communities in supply-constrained submarkets and the Scott will lead the expansion through the procurement of strategically located development sites.