This 29-story tower is slated to rise in Downtown’s Financial District

The block bounded by Olive, Grand, Eighth, and Ninth in Downtown LA already has a big project underway, a nearly-30-story tower at 801 South Olive Street. Now plans are in the works for another tower in the same square.

The proposal, as laid out by developers in plans submitted to the city this week, is to put the 29-story tower on two parking lots just north of Olive Street and Ninth, at the southern edge of the Financial District, says the Downtown News.

Applicants for the project at 845 South Olive Street, identified as Heart Olive LLC in city paperwork, expect the tower to hold 205 apartments—a mix of 47 studios, 111 one-bedroom apartments, and 47 two-bedroom units, according to the News.

The building’s ground floor will hold 2,400 square feet of retail space.

Judging from the Togawa Smith Martin renderings for the project, the tower and its podium will extend lengthwise across the block, stretching from the Olive side of the block to the Grand side of it, where the project will snuggle up to the Stillwell Hotel building. The Stillwell’s ground floor is home to local dive Hank’s Bar.

Cushman and Wakefield’s Mike Condon Jr., the broker who facilitated the buyers’ purchase of the parking lots, told the News that the placement of this project couldn’t couldn’t be better, calling the site “ground zero for where residents will want to live” in Downtown, because of its central location. The less-than-a-block distance to the Whole Foods was also a big-time bonus for the site, said Condon.

• 29-Story Tower Planned for Ninth and Olive [Downtown News]