The project, named for its located at the northeast corner of Figueroa Street and Pico Boulevard, will eventually stand 38 stories in height. Plans call for a total of 727 guest rooms located above a podium structure containing 300 parking stalls, amenities, a small conference facility, and ground-floor restaurant space.
The tower is the initial phase of a larger development that will eventually replace an adjoining parking lot at the intersection of Pico and Flower Street. The second component of the project would be a smaller 27-story building containing 378 guest rooms. Past reports have pointed to Hilton Garden Inn as the operator of the third hotel.
Gensler and AHBE|MIG are designing the Fig + Pico development, which is depicted in a rendering as a pair of contemporary glass-clad towers. LED screens, similar to those seen on the neighboring Circa apartment towers, will mask above-grade parking facing Figueroa.
Completion of the first Fig + Pico hotel is expected in 2022.
Lightstone's project has benefited from a financial incentive packaged approved by the Los Angeles City Council which will allow the developer to retain more than $100 million in tax revenue over the first 25 years of operations at the property. Numerous developers with hotel projects near the Convention Center have sought similar incentive deals.
On the opposite side of the country, Urbanize NYC reports that Lightstone is developing two additional Moxy hotels in Brooklyn and Manhattan. Those projects, like Fig + Pico, are expected to debut in 2022.
- Fig + Pico (Urbanize LA)