Introduction to National’s New Project
National Real Estate Advisors has moved forward with a plan to erect a 53-story apartment tower in Downtown Los Angeles. The Washington, D.C.-based developer was approved by the Los Angeles City Planning Commission to redevelop the 12-story garage at The Bloc, an open-air mall at 700 South Flower Street, 700 West 7th Street and 711 South Hope Street, Urbanize Los Angeles reported.
Project Overview
When complete, the 53-story residential tower will soar 710 feet, among the tallest buildings in Los Angeles. Plans for the tower include planting the tower atop the 12-story parking garage, creating 466 studio, one-, two-, and three-bedroom apartments. Residents would use the garage below for parking. The rounded highrise, designed by New York-based Handel Architects, would include white layered balconies topped by a landscaped garden wrapped by walls of glass, according to renderings.
Amenities and Features
The roof of the garage below would be redeveloped into a landscaped terraced patio deck, designed by locally based Relm, with a swimming pool, fitness center and lawns. Pending approvals, construction of the tower would take 35 months, starting in 2027 and finishing in 2030. The cost of the project was not disclosed.
Approvals and Agreements
In addition to project entitlements, the commission considered a proposed sign district for the project, which would enable the installation of digital ads and signs on the outside of the tower. It also hashed out a development agreement between National Real Estate Advisors and the City of Los Angeles that would require $1.6 million to complete a city makeover of 7th Street, with bike lanes, furniture and trees.
Impact on the Area
Approval of the tower comes months after The Bloc’s shopping mall lost its main tenant in Macy’s, which shut its doors this spring. The closure marks the first time downtown lacks a full department store in almost 150 years. The downtown Macy’s reopened in 2015 as part of the The Bloc shopping center, once known as Broadway Plaza. The plaza, built in 1973 around a now-defunct Broadway department store, became Macy’s Plaza in 1996, anchored by the New York-based retailer.
Company Background
An affiliate of National Real Estate Advisors bought the Plaza in 2013 for $50 million. The company, founded in 2000, has $8.6 billion in assets under management, including 113 properties with 16 million square feet, according to its website.
Read More
Read more
Macy’s to close DTLA’s last department store
The Bloc could add 53-story tower to DTLA skyline
DTLA’s Wedbush Center to special servicer as namesake tenant relocates to Pasadena
Conclusion
The new 53-story apartment tower in Downtown Los Angeles is a significant development for the area, offering much-needed housing and revitalizing the local community. With its unique design and amenities, the tower is expected to become a landmark in the city.
FAQs
Q: What is the height of the new apartment tower?
A: The tower will soar 710 feet, making it one of the tallest buildings in Los Angeles.
Q: How many apartments will the tower have?
A: The tower will have 466 studio, one-, two-, and three-bedroom apartments.
Q: Who designed the tower?
A: The tower was designed by New York-based Handel Architects.
Q: What is the expected completion date of the project?
A: The project is expected to be completed in 2030, pending approvals.
Q: How much will the city makeover of 7th Street cost?
A: The city makeover of 7th Street will require $1.6 million.
