Another day, another high-rise development linked to Sandstone Properties.

Earlier today, an affiliate of the Westwood-based firm filed an application with the City of Los Angeles to allow for the construction of a mixed-use high-rise development at the corner of Pico Boulevard and Albany Street.  Plans call for the construction of a 39-story tower featuring 696 guest rooms above a five-level podium.  A project description also indicates plans for nine residential units and a series of food-and-beverage venues.

The approximately 2.59-acre development site is located immediately west of the Harbor Freeway in the Pico Union community, and approximately a half-mile to the main entrance to the Los Angeles Convention Center.  1st District Councilmember Gil Cedillo, who represents the surrounding neighborhood, has introduced a motion which calls for initiating general plan amendment and zone change proceedings to facilitate the proposed hotel.

The proposed 696-room hotel would put the City of Los Angeles closer to its goal of 8,000 hotel rooms within walking distance of the Convention Center by 2020.  A recent study found that there are currently 4,637 rooms in operation, with another 717 under construction.

Sandstone purchased the site at Pico and Albany for a reported price of $42 million last year.  It is currently improved with a 152,000-square-foot warehouse.

The company's other projects include a pair of proposed residential towers in Warner Center and a planned apartment complex in Westchester.