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Update on 3 Downtown L.A. Commercial Real Estate Developments

Grand Avenue

The long-delayed Grand Avenue project is finally gaining some traction.  Last month, project developers, Related Companies, applied for building permits for the project site, which is currently a parking lot just east of the Disney Concert Hall. On Tuesday, September 26th Related Companies received approval from the County Board of Supervisors for their latest plan. The project is designed by Frank Gehry, who also designed the adjacent Disney Concert Hall.  Updated plans call for the $950 million project to break ground in 2018. The project, formerly known as The Grand, was first announced more than a decade ago, would include a residential tower with 450 units. 20% of those units would be set aside as affordable housing. The project also included a 205-room Equinox hotel. Retail and restaurants would surround the central plaza area. Chinese company CORE is investing $290 million in the project, which is scheduled to open in 2022.

Rendering of the Grand Avenue Project in Downtown Los Angeles

 

1020 S. Figueroa Street

The L.A. Commercial district known as South Park is getting its third major Chinese-funded mega-development. 1020 S. Figueroa Street’s development is getting close to the starting line, following the Metropolis and Oceanwide Plaza developments which are currently in construction. Developer Shenzen Hazen has plans for a mixed-use development at 1020 S. Figueroa Street. The project would replace the current Luxe Hotel and fill an adjacent parking lot. The project has scaled down in size and now consists of two towers. One will be a 49-story structure which would hold 435 condominiums. The other tower would be a 29-story building, housing a 300-room W hotel and nearly 60,000 square feet of commercial space. Gensler has been engaged to design the hotel and Steinberg Architects is handling the residential building. The $7000 million project is expected to break ground in early 2018.

Rendering of 1020 S. Figueroa Street in Downtown Los Angeles

 

1334 S. Flower Street

Also located in the South Park district, new details have emerged regarding the development at 1334 S. Flower Street, fooling a presentation to the Downtown Los Angeles Neighborhood Council’s Planning and Land Use committee. The project is seven-story residential building that would take up four parcels at 1334-1348 S. Flower Street. The building would feature 177 apartments, three levels of underground parking and up to 8,800 square feet of ground-floor retail space. Plans include an open space and rooftop deck on the second floor. The developer is listed in the filings as The Condor, and DFH Architects is handling the design. No budget or timeline has been revealed.

Rendering of 1334 Flower Street in Downtown Los Angeles

Katie Boova
Katie Boova is Marketing Manager at Watchdog Real Estate Project Managers, a real-estate consulting firm that provides owner’s representation and project management services. More about Watchdog Real Estate Project Managers as well as additional blog posts can be found here.
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