Suffolk Construction has announced the start of work for Park Fifth, a long-awaited high-rise development in Downtown Los Angeles.

Site preparation began last week for the 24-story, 255-foot building which will create 347 apartments and street-level commercial space at 5th and Olive Streets, directly across from Pershing Square.  Developer MacFarlane Partners took control of the property over two years, and broke ground on an adjoining seven-story building last summer.

The project is being designed by Portland-based Ankrom Moisan Architects, and will feature a sleek facade of glass and metal panels.  Plans also call for a rooftop amenity deck, featuring a lap pool.

The abutting seven-story building, which will feature 313 apartments and 7,000 square feet of commercial space, is scheduled for completion in 2018.  The tower is on track to open in February 2019.

Construction of Park Fifth sets the table for an ambitious $50-million remodel of Pershing Square, which reimagines the long-malinged park as a more traditional urban green space.