A new residential skyscraper planned for downtown Los Angeles has released a key regulatory obstacle to build in an unusual place-above an existing parking lot.
The proposed tower would be one of the highest in the city at 53 stages, rising in the center of one of the most dense mixed complexes in the city called the block which already has office and hotel towers as well as a cineplex, stores and restaurants in Alamo Drafthouse.
Last week, the members of the town planning commission approved the planned addition for a long time, which will go to the municipal council for a final vote on the apartment or the proposed condominium tower of 41 floors which would be built at the top of the original garage of 12 floors of the complex.
The block is a pillar of the city center dating from the early 1970s, when it opened its doors as an interior shopping center which filled a whole block in the city center and also boasted of a plush hotel and a high-rise office building. For years, tourists have flocked for the first speech in the 7th and the Flower streets.
In 2013, when it was sold, then Macy's Plaza was a dated and descent relic that had little love, even if its location near the office skyscrapers, hotels and a metro interchange remained one of the busiest in the city.
The developer of Los Angeles Wayne Ratkovich Entering an ambitious youthful cure which included the removal of the roof from the shopping center and the cut of a large part of the ground floor to create a poured public square filled with sun.
Other entries in the complex have been created, including an underground portal to the light rail station of the 7th Street / Metro Center.
But unexpected construction problems have slowed down the work and helped generate costs on the initial budget of $ 180 million to more than $ 250 million. Ratkovich Co. sold his interest in the property in 2018 At one of its financial partners, national real estate advisers, who advance with the planned residential tower.
The national real estate advisers did not respond to requests for comments on the planned addition, but public documents before the town planning committee show that it would include 466 units made up of 83 studios, 271 units of a room, 100 units of two bedrooms and 12 units of three bedrooms.
The tower would only occupy part of the garage roof area, leaving room for an outdoor pleasure terrace with a swimming pool, a barbecue area and a landscaping, including a lawn, shrubs and trees. There would also be recreational spaces landscape inside inside, at the highest level, depending on the plans.
The garage would be renovated seismic in the context of the development that the developer hopes to start by 2027 and completed by 2030. The calendar and the decision to make apartments or condos of the units will depend on market demand, the developers said.
The plans approved by the commissioners would also allow owners to erect large -format digital screens on several levels around the complex which is surrounded by the 7th, 8th, Hope and Flower Streets.
Los Angeles is struggling with a shortage of housing and a slowdown in the new construction, said the supplier of real estate data Costar.
The number of multifamilial construction units has decreased by 22% from one year to the next, pushing the city's multifamilial vacancy rate to 5%, tenants renting 10,000 more units they have canceled in the past year.
The Bloc's Macy store has closed recentlyone of the 66 Macy stores which were identified as by-productive By management in January.
Certain stakeholders in the city center, notably the owner of the office, Rising Realty Partners have offered letters of support to the residential project of the block.
“The addition of multifamilial residential use would transform existing development into a real mixed use project which includes residential, commercial and hotel uses,” said Rising Realty Partners. “The project would help create a balanced community 24 hours a day.”
