Intracorp L.A. to Build Marina del Rey Condos

A partnership led by developer Intracorp Los Angeles is scheduled to break ground today on a $170-million luxury condominium tower in Marina del Rey called the Cove.

The 18-story building, scheduled for completion in spring 2006, will include 138 units on Marina Pointe Drive at Lincoln Boulevard. Condos will be priced from the mid-$600,000s to more than $3 million.

The Cove is the only residential high-rise approved for construction in Marina del Rey, Intracorp President Peter Lauener said.

“This is a real flagship property for us,” Lauener said.

GMP Architects of Santa Monica designed the building to integrate with the adjacent Regatta and Water Terrace residential high-rises, he said. New York-based J.P. Morgan Fleming Asset Management is a financial partner in the development.

Intracorp Los Angeles, a Newport Beach-based subsidiary of resort developer Intrawest, has nearly 1,000 condominiums and apartments valued at more than $350 million in various stages of development in Los Angeles County. It is planning another $200 million worth of development in the next 12 months in Southern California.

Its projects include:

* West Ocean, a $175-million oceanfront condominium tower on Ocean Boulevard in downtown Long Beach scheduled to be completed in 2006.

* Delacy at Green, a $40-million renovation of the historic Friend Paper building in Old Pasadena that will include 60 condominiums above stores.

* Waterstone, a 116-condominium complex at Playa Vista in West Los Angeles scheduled to be completed in fall 2005.

Buyer interest in the condominiums in urban settings suggest that “Los Angeles and Orange counties are on the verge of embracing cosmopolitan lifestyles that, until now, have not been associated with the area,” Lauener said.

Another builder, California Landmark Development, said Wednesday that it had purchased a vacant industrial building at 4153 Redwood Ave. in Marina del Rey for $5.5 million from Parr-Bohn Redwood with the intention of building condominiums on the site.