Focused on acquiring and developing multifamily projects, Century City-based Cityview has extensive experience with the mixed-use asset type. In its tenure, Cityview has invested $6.5 billion in multifamily properties and currently has nearly 3,000 units in development. Most recently, the firm announced plans to develop a 489-unit mixed-use property with ground-floor retail and a public plaza in Westchester. Tony Cardoza, managing director of acquisitions, plays a critical role in driving Cityview’s strategic moves.
Why do mixed-use developments work well in the L.A. market?
Mixed-use helps create a strong sense of connection between residents and the surrounding community. Residents don’t want to feel like they’re on an island and prefer convenient access to restaurants, retail, services and leisure activities. The challenges presented by L.A. traffic along with its multitude of highly walkable neighborhoods make it a great fit for mixed-use development. At Cityview, we’ve been developing mixed-use projects for decades now… It’s a property type we’ll continue to focus on because of the many benefits it provides residents and communities at large.
What would you say is the ideal ratio for a mixed-use project for residential versus commercial components?
We don’t take a one-size-fits-all approach… We like to curate retail not for quantity but by type, with the goal of providing a variety of services and lifestyle amenities for residents and the surrounding neighborhood. Therefore, the ideal mix is very neighborhood and building dependent, factoring in walkability, existing access to restaurants, retail and services and tenant lifestyle preferences.
At a time when more mixed-use developments are being greenlit, what are some strategies to stand out?
We aim to create well-designed and conveniently positioned retail spaces that benefit residents and the surrounding community. Fitness studios such as Orange Theory, lifestyle services and boutique markets perform especially well… We also work to create a sense of community at our projects through thoughtful resident events, curated amenities tailored to the area’s demographic and excellent customer service… We also plan cross-over events with our mixed-use tenants and other neighborhood retailers to enhance that connectivity between tenants and neighborhood businesses.
What specific submarkets/neighborhoods of L.A. are most suitable for these developments?
Mixed-use thrives in urban, walkable areas where residents value neighborhood retail amenities and it is often an inconvenience to use a car. At our Westchester project, which features a strong ‘walk score’ of 88, there is already a great retail community established in that market. Our project’s mixed-use design is ideally positioned to complement and connect with the existing offerings.
Where do you see the future of this sector and what role do you see mixed-use playing in the region’s housing landscape?
We believe mixed-use will continue to thrive in urban environments, especially in areas with traffic issues that make it less convenient to leave your neighborhood for dining, services, retail and entertainment…Many residents value that walkability.
Tell me about Cityview’s recently announced mixed-use project in Westchester.
We recently closed on the land for 6136 W. Manchester Ave. … and plan to break ground next year. It is one of the largest projects to be entitled in Los Angeles in many years … (with) nearly 500 units of much-needed housing… and 16,120 square feet of ground-floor retail. 6136 Manchester will feature spacious studio, one- and two-bedroom apartments, with 64 of the units reserved for households earning no more than 50% of the area median income.
A central feature of the project is a new public plaza… (which) will provide an indoor/outdoor gathering space for residents and the surrounding community and link the building with neighborhood retail.
The onsite retail will be curated to include lifestyle amenities, eateries, boutique shops and fitness offerings. — Kennedy Zak
