Two years ago, Chinatown's Velvet Turtle restaurant was reduced to rubble amidst rumors of an apartment building that would rise in its place.  Now, those development dreams are finally being realized.

Yesterday, plans were filed with the City of Los Angeles to construct a new residential-retail complex at 708 N. Hill Street.  According to a case filing from the Department of City Planning, the approximately .79-acre lot is slated for a seven-story structure that would feature 162 residential units, 5,000 square feet of ground-floor retail space and two-and-a-half levels of underground parking.

The property, located at the northeast corner of HIll and Ord Streets, was sold in early 2015 for $10.5 million.  City records link the project to Avant Development, a Los Angeles-based real estate firm.

Recent years have seen the completion of similar developments in and around Chinatown, including the $93-million Jia apartments and the $100-million Blossom Plaza.