With its 10 story depth and 60-foot-tall art installation, the Grand Av Arts/Bunker Hill Station received no shortage of attention following the Regional Connector's long-awaited debut in June. The subway stop at 2nd and Hope Streets also appears to have caught the attention of developers, according to a new staff report unearthed by @numble.
According to the August 23 report to Metro's Board of Directors, the agency received an unsolicited proposal for a joint development making use of Metro-owned property which abuts the station - an amorphous 1.3-acre parcel with frontage on 3rd, Hope, and Flower Streets. That land would be coupled with a neighboring site owned by the proposer, resulting in a total development area of roughly two acres.
While the exact identity of this mystery applicant has not been stated, the rough dimensions of the total site indicates that the neighboring property being referenced is the adjoining heating and cooling plant located at 703 W. 3rd Street. Property records list the owners of the site as Enwave Energy Corporation and Veolia Energy.
The staff report first describes the proposed project as calling for the construction of a 428-unit residential development - with 115 reserved as affordable housing - and approximately 20,000 square feet of ground-floor commercial space. However, the same report later points to a total plan for 584 residences - with at least 25 percent set aside as income-restricted housing.
Moving forward, the staff report indicates that the property will be advertised for a period of 60 days to solicit interest from other potential bidders.
Thus far, the new Regional Connector stations have shown great success in attracting investment to their immediate surroundings. Land abutting the Little Tokyo/Arts District Station were previously the subject of a request for proposals which yielded several viable projects, but was unexpectedly restarted following community backlash. Likewise, Tribune Real Estate Holdings has secured approvals to a build a 56-story apartment tower on land abutting Historic Broadway Station, while Onni Group aims to break ground next year on a pair of similar high-rise buildings across the street.
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