Center Street lot, Len O’Donnell (Google Maps/USAA Real Estate Co.)
The development boom in the Arts District is causing neighboring areas to see new projects.
Plans for a large mixed-use project at 234 North Center Street, just north of the Arts District near the Los Angeles River, were filed with the city Thursday, planning documents show.
The developer wants to build 430 units, with 47 set aside for low-income residents, as well as 8,742 square feet of retail.
The property is owned by San Antonio-based USAA Real Estate Co., the real estate investment arm of the insurance and financial services firm United Services Automobile Association, CoStar shows.
USAA Real Estate purchased the property in 2014 as part of a larger 22 property portfolio for $357 million.
The company, led by CEO Len O’Donnell, was founded in 1982 and has about $17 billion in assets under management. It provides capital to partners for development, according to the firm’s website. Its portfolio consists of office, medical, industrial, multi-family, retail and hotel properties.
USAA’s previous partners include Cambridge Development and Wood Partners. It is unknown who its development partner will be for the Arts District-adjacent site.