Developer Shenzhen Hazens' plan for a high-rise complex near L.A. Live is taking its latest step forward in the approval process, as the proposed $700-million project goes before the Los Angeles City Planning Commission next week.

The project, which would replace the Luxe City Center hotel and an adjoining parking lot at 1020 S. Figueroa Street, calls for the construction of two high-rise buildings featuring 435 condominiums, a 300-key W Hotel and approximately 80,000 square feet of commercial space.

Hazens revised the project in May from its original three-tower configuration, shaving 215 condominiums from the development.  Other alterations include a reduction in height of a podium structure that would wrap the property, as well as a larger public plaza fronting Figueroa Street.

The new plan has also resulted in revisions the remaining towers, discarding the jagged structures seen when the project was first introduced.  Gensler is designing the approximately 430-foot-tall W Hotel at 11th Street, while Steinberg Architects has been tapped to design the 540-foot residential tower at Olympic Boulevard.

AHBE Landscape Architects is designing the project's open space amenities, which includes multiple decks at the podium and roof levels.

A staff report from the Los Angeles Department of City Planning recommends the approval of the development, which comes with a proposed development agreemnt that would provide 22 units of workforce level housing, as well as funding for the Bringing Back Broadway initiative and the Downtown Streetcar.

Construction would be conducted in two phases, starting with the W Hotel, followed by the demolition of the Luxe and the raising of the residential tower.

1020 Figueroa is one of several Chinese-led tower complexes in the works for the Downtown area, following Oceanwide Plaza and Metropolis.