31-story tower near Grand Central Market zips through committee

A 31-story tower planned for a parking lot near the landmark Grand Central Market is chugging right along.

On Tuesday, the Los Angeles City Council’s planning and land use management committe approved the project’s Sustainable Communities Environmental Assessment, which allows for a streamlined environmental review for projects that are in line with regional transportation plans to reduce greenhouse gas emissions—mainly by creating dense housing near public transportation.

The tower would sit directly over the entrance to Metro’s Pershing Square subway station at the northeast corner of Hill and Fourth, where the Historic Core and Bunker Hill meet.

The TCA Architects-designed tower would hover over the Metro entrance, which, in renderings, appears much more visible and easier to access than the current portal. The new building at 340 South Hill would replace a parking lot and taco restaurant on the site now.

Developed by Equity Residential—the nation’s third-largest apartment owner—the project would hold 428 apartments. Of those apartments, 22 would be reserved for very low income households; the project would also include either 10 percent of the total number of units for low income households or 15 percent of the total number of units for moderate income households or 20 percent of the total number of units of workforce housing.

The project would also hold 379 parking spaces, none of which are intended to serve the 5,600 square feet of commercial space planned within the building.

The 31-story tower isn’t the only project planned for this intersection. Across the street, next to the other Pershing Square entrance at Fourth and Hill, is a grassy hill where a billion dollar development is in the works. Called Angels Landing, the project would bring 500 hotel rooms, 250 condos, 400 apartments, and two towers reaching 42 and 64 stories, respectively. Angels Landing isn’t expected to open until at least 2028, so the property is just a steep grassy hill for now.