The Real Deal, October 26, 2016
Lincoln Property Company and Steve Riboli are planning to develop a 920-unit mixed-use complex in Chinatown, The Real Deal has learned.
The seven-building complex would rise from an eight-acre empty lot bounded by Spring Street, Broadway and College Street, directly adjacent to the L.A. State Historic Park.
Lincoln Property was recruited as a development partner by the owner, Steve Riboli, who runs the San Antonio Winery in Lincoln Heights.
The co-developed project would span more than 1.1 million square feet, according to city documents, and would include 21,406 square feet of commercial space. Out of the 920 apartments, 17 will be live-work lofts.
Lincoln and Riboli have been planning the complex for three years now, according to a source close to the project, who said it’s privately funded.
“Chinatown is the next district of DTLA to really see revitalization,” Rob Kane, Lincoln’s senior vice president, told The Real Deal.
“We see a great opportunity to significantly improve an important stretch of North Broadway and create enhancements for the surrounding community to enjoy — especially given its close proximity to Metro’s Chinatown station,” he added in an email statement.
Lincoln and Riboli tapped Costa Mesa-based architectural firm, Newman Garrison + Partners, to design the project.
Riboli is also working on restoring the Capitol Milling company just across the street, sources said. Its development with Lincoln is the family’s first multifamily endeavor, but it owns several plots of land in and around the Downtown area and plans to pursue additional developments in the future, according to sources. The Riboli family founded the Lincoln Heights winery nearly a century ago after emigrating from Italy.
Lincoln is in negotiation to buy two buildings at the LNR Warner Center in a joint partnership with Angelo, Gordon & Company for around $150 million, TRD reported Tuesday. In June, the Dallas-based developer bought a six-building office campus in West L.A. for $135.3 million.
By Cathaleen Chen