City of Los Angeles Approves 29-Story Tower Near DTLA Whole Foods
In November, the City of Los Angeles issued an approval letter for a proposed mixed-use high-rise development a block south of Downtown's Whole Foods Market.
The project, slated for a surface parking lot spanning between 845 S. Olive Street and 842 S. Grand Avenue, calls for the construction of a 29-story building featuring 205 apartments above a podium structure containing 268 parking stalls and 2,400 square feet of ground-floor retail space. Plans call for a mixture of studio, one-, and two-bedroom dwellings.
The 350-foot tower is being designed by Togawa Smith Martin, and would include exterior finishes such as glass and metal panels. The project's parking podium - rising seven stories in height - would be masked by residential units along both Grand Avenue and Olive Street.
Project applicant Heart Olive has obtained approvals for a transfer of floor area rights to facilitate the tower's construction. The additional 49,900 square feet of floor area will require a payment of nearly $1.6 million, with an initial installment of approximately $800,000 to be distributed toward affordable housing, the DTLA Forward initiative, and the long-awaited revamp of Pershing Square.
Mike Condon, Erica Finck, and Brittany Winn of Cushman & Wakefield help the developer assemble the project site. The development is to be taken to market in early 2020, according to Condon.