Dive Brief:
- City Century, subsidiary of Chinese developer Sheng-Long Group, has proposed three residential skyscrapers costing up to $1 billion for a site in downtown Los Angeles, according to The Los Angeles Times.
- The future Olympia development will be located across the street from entertainment complex L.A. Live and could include as many as 1,367 units, divided among three buildings over restaurants and stores. The complex could also feature terraces and an outdoor swimming pool.
- If approved, the project, which is not scheduled for completion until 2024, would mark the third downtown City Century development to date and will add to its growing stock of residential units under construction or recently completed.
Dive Insight:
Developers are banking on the fact that downtown Los Angeles will attract more residents who have a desire to live in an urban environment, despite a recent cooling in leasing and sales activity due to so many additional units in the area.
It's likely that City Century officials and others, like those responsible for the Bjarke Ingels Group-designed 670 Mesquite project, are trying to get their applications and permit paperwork in order so that they can beat a March referendum on high-density projects. If voters pass the Neighborhood Integrity Initiative, the density variances needed for massive projects would be blocked for two years.
Aside from downtown Los Angeles, the city's Arts District has also been a popular area for development. The 670 Mesquite project is planned for the site of current warehouses there and will feature two 30-story buildings, retail, restaurants, two hotels, 250 rental apartments and 800,000 square feet of office space.
Another Arts District development in the works — and trying to win approval before the Neighborhood Integrity Initiative sees a vote — is SunCal's proposed 14.5-acre 6 AM project. Plans for the mixed-use complex include a 58-story skyscraper with 1,700 residential units, retail, office, hotels, a school, 23,000 square feet of creative community space and parks. The 6 AM project would also take the place of two warehouses.
