An update on Park Fifth, the planned 76-tower at Fifth and Olive that hit a funding pause late last year. The Downtown News reports the Community Redevelopment Agency (CRA) approved the building's use of a "Transfer of Floor Area Rights Ordinance," which allows developers to purchase unused space to build taller, denser buildings. In return for building bigger, developers pay out money to local non-profits and offer up other local projects. Via the News: "The development team, led by David Houk, will also build community benefits into the project, such as a pedestrian connection to the nearby Metro Red Line station and two major public art displays in collaboration with the Museum of Contemporary Art." And the CRA approved the project's Environmental Impact Report (EIR), while developer Houk tells the paper he "expects to break ground by the fourth quarter of this year."
· Park Fifth Secures CRA Approval [Downtown News]
· Park Fifth [Official Site]