Well, what do you know? Another big development is headed for the Arts District. This time, it’s an eight-story office building from major real estate investor Tishman Speyer—the same firm that owns such high profile properties as Rockefeller Center in New York.
Tishman Speyer purchased the project site just a few months ago in a $24.5 million sale that reinforced the neighborhood’s status as one of the most desirable areas in the city for big ticket real estate investments. Just before the sale closed, Warner Music Group announced plans to move into the refurbished Ford Factory building nearby.
The project site, located between Bay Street and Sacramento overlooking the LA River, is, for right now, home to the offices of Hyperloop One. It’s not clear yet how the new plans will affect the tech startup, which is hard at work developing a transportation system that flings passengers through airless tubes at high speeds.
A summary of plans for the project filed yesterday with the city doesn’t reveal all that much about the proposed building, but it appears that the 222,189-square-foot structure will include retail and restaurant space as well as offices. The building will also likely include a sizable parking structure with at least 444 spaces.