An upcoming presentation to the Downtown Los Angeles Neighborhood Council's Planning and Land Use Committee has revealed new information about 1020 South Figueroa Street, a high-rise complex planned by the Shenzen Hazens Real Estate Group.
The project site, an approximately 2.6-acre property adjacent to the LA Live complex, is currently developed with a combination of surface parking the Luxe City Center Hotel. Initial plans for the property call for a two-phase development which would create 650 residential units, 250 hotel rooms and 80,000 square feet of commercial space within a trio of high-rise towers.
Phase one would consist of two buildings, to be built upon a parking lot bounded by 11th, Flower and Figueroa Streets. A 32-story, 446-foot tower would rise from the corner of 11th and Flower, while a 32-story, 374-foot hotel tower would rise to the west at the corner of 11th and Figueroa. Both structures would feature street fronting retail-and restaurant space.
The two buildings would be linked by an eight-story podium which would feature above-grade parking and a rooftop amenity deck. Shenzen Hazens also envisions widened sidewalks, protected bike lanes and a raised bus platforms along the perimeter of the property, in conjunction with the MyFigueroa streetscape project. Previous reports from the Downtown News indicate that this component of the development would be built over the course of 24-28 months, beginning in 2017 and finishing in 2020.
Following the completion of phase one, Shenzen Hazens would demolish the existing Luxe Hotel and embark on the largest component of the project: a 42-story residential tower at Olympic Boulevard and Figueroa Street. The proposed building would rise 562 feet above street level, featuring an eight-story podium with two floors of retail space and parking accommodations. An rooftop amenity deck above the podium would offer a viewing area, an outdoor pool and greenery for residents, while a ground-level plaza would provide an outdoor seating and dining area for pedestrians along Figueroa Street.
The completed 1020 Figueroa development has been budgeted at $700 million. It is one of several mixed-use complexes planned by Chinese real estate firms in Downtown Los Angeles, including the massive Oceanwide Plaza and Metropolis developments.