24-story Park Fifth tower sprouts across from Pershing Square

A 24-story tower that will hold apartments and ground-floor shops is rising at the corner of Fifth and Olive streets, across the street from Pershing Square.

When completed in February 2019, it will hold 347 apartments, street-level stores and restaurants, and two levels of underground parking. Residents of the tower, developed by MacFarlane Partners, will have access to amenities including a rooftop terrace and a pool.

For now, the project’s concrete decks and vertical columns have been poured up to six stories, according to Suffolk Construction.

The project, the second piece of a long-awaited development called Park Fifth, began construction in March 2017.

The Ankrom Moisan Architects-designed Park Fifth project has another component on the same block, along Hill Street—a seven-story mixed-user that broke ground in August 2016. Together, both buildings in Park Fifth will bring 660 new apartments to Downtown.

Park Fifth was originally proposed in 2007 as a 76-story tower, but was delayed by the recession.

• Construction to start this month on long-stalled tower across from Pershing Square [Curbed LA]
• Big Development Next to Pershing Square Finally Breaking Ground This Spring [Curbed LA]
• Whoa: New Tower Planned For Famously-Stalled Park Fifth Site [Curbed LA]