A new initial study from the city’s planning department shows that a 39-story project proposed for Downtown’s Financial District is moving forward. The study, first spotted by Urbanize LA, offers some new timeline details: The project could get underway by the spring of 2019, with completion as soon as fall 2021.
The project, called the 8th, Hope, and Grand Project, involves the demolition of a parking structure, its fantastic breeze blocks, and an adjoining surface lot running between Hope and Grand along Eighth Street.
In place of the parking areas, a 39-story mixed-use development with 409 studio, one-, and two-bedroom residential units and about 7,300 square feet of ground-floor retail space would rise.
The tower’s developer is from Mitsui Fudosan America, Inc. (MFA). MFA’s parent company is Japanese real estate developer Mitsui Fudosan, whose website says the tower will hold apartments.
The Johnson Fain-designed tower would also have six levels of parking—three above ground, three below—totaling over 450 parking spaces.
MFA is also planning a 43-story, residential high-rise at Eighth and Figueroa streets.