It seemed pretty pie in the sky back in 2009 when developer LaeRoc Funds announced plans to build a 31 story condo tower on Olive Street near Ninth (just west of Eastern Columbia). And pie in the sky it was, apparently, as LaeRoc sold off the site last year, along with the neighboring Coast Savings Building, to Vancouver-based Onni Group (they paid $16.5 million for both properties). Now the Downtown News reports that Onni is planning to build a modified, rental version of LaeRoc's plans, but quick: they're on track to break ground by this August. The project was originally entitled back in 2009; Onni is now in plan check and Executive VP Chris Evans says that--and we don't want to shock you here, so brace--the financing is set. According to the DN, the groundbreaking would "mark the first start on a Downtown high-rise since 2007, when Meruelo Maddux Properties?broke ground on the 35-story tower known today as the Watermarke."
Onni's plans, which the DN says are "a slight variation on LaeRoc's project" call for a 32 story tower with 283 apartments, 11,000 square feet of groundfloor retail, and a 663 space parking garage. They're also not ruling out a future condo conversion. The project is expected to cost $100 million and open in 2015. Onni also plans to build a new residential building a little further south at Twelfth and Flower, next to a mid-rise office building it owns.
· South Park to Get 32-Story Tower [Downtown News]
· Shiny & Boxy Downtown Tower Surfaces [Curbed LA]