The 33-story tower at 888 S. Olive St. in South Park is going to be doing something a little different than the other condo and apartment towers in the neighborhood. The project, just named Level DTLA, will be full of extended-stay rentals aimed at "upscale guests, Hollywood's elite, and both local and international leisure and business travelers," according to a release for the building. Vancouver-based developer Onni Group has spent $200 million to build the tower, which features 300 one-, two-, and three-bedroom suites that begin at 710 square feet and go up to 2,035 square feet.
Would any high-end, extended-stay complex be without amenities? This one will have a rooftop pool, a 37,000-square-foot, fourth-floor amenity space, and, for all those business travelers, 5,000 square feet of meeting space; there's also groundfloor retail planned. All this is going to have a hefty pricetag: rents are expected to start at $5,000 a month, says the LA Times. So, use that sauna every day, renters—you definitely paid for it. Level DTLA is scheduled to open in the summer of 2015, and Onni's got plans for two more towers in DTLA after that.
This is apparently a new trend falling somewhere between luxury rentals and high-end Airbnbs: Hollywood's huge mixed-use Columbia Square project will have extended-stay rooms, and new owners at Franklin Village's Villa Carlotta are kicking out tenants to convert that historic building to extended-stay.
· 888 Olive [Curbed LA]