National Real Estate to Build Downtown L.A. Apartment Tower
Introduction to the Project
The Los Angeles City Council gave the green light to National Real Estate Advisors’ residential tower in downtown Los Angeles.
The council this week approved a transfer of development rights, a development agreement, and a sign district for the effort at The Bloc shopping mall, Urbanize Los Angeles reported.
The project, first floated in 2021, spans a full city block at 700 South Flower Street, 700 West 7th Street and 711 South Hope Street. National Real Estate plans to construct a 41-story, 710-foot-tall tower above The Bloc’s existing 12-level parking structure.
Project Details
The development would add 466 studio, one-, two-, and three-bedroom apartments to the property. At the top will be a sculpted glass rooftop with an open-air amenity deck. A swimming pool, fitness center and lawn are planned for the roof of The Bloc’s garage.
National Real Estate will make a nearly $16.8-million public benefits payment in exchange for a transfer of development rights from the Los Angeles Convention Center property in order to accommodate the size of the proposed tower. Approximately $8.4 million of that will go toward amenities in the downtown area, including an affordable housing acquisition in Little Tokyo. Another $3 million will go toward street lighting repair in downtown and the general public benefit trust fund for Council District 14.
Impact on the Area
Earlier this year, The Bloc lost its anchor tenant Macy’s, though that space has been partially filled by a sports-oriented social club. The proposed residences would join other high-rises nearby, including Mitsui Fudosan America’s planned 50-story building at 754 South Hope Street and Brookfield’s Beaudry development next to the Figat7th mall.
Construction on National Real Estate’s residences above The Bloc is expected to take almost three years. A start date is anticipated for 2027 with an opening slated for 2030.
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Conclusion
The approval of National Real Estate Advisors’ residential tower in downtown Los Angeles marks a significant development in the area’s housing landscape. With its unique design and extensive amenities, this project is expected to enhance the quality of life for its residents and contribute to the vitality of downtown Los Angeles.
FAQs
Q: What is the location of the proposed residential tower?
A: The tower will be constructed at 700 South Flower Street, 700 West 7th Street, and 711 South Hope Street, above The Bloc shopping mall’s existing 12-level parking structure.
Q: How many apartments will the development include?
A: The development will add 466 studio, one-, two-, and three-bedroom apartments to the property.
Q: What is the expected completion date of the project?
A: Construction is expected to start in 2027, with an anticipated opening in 2030.
Q: What public benefits will National Real Estate provide in exchange for the transfer of development rights?
A: National Real Estate will make a nearly $16.8-million public benefits payment, which will go toward amenities in the downtown area, including affordable housing acquisition in Little Tokyo, and street lighting repair in downtown.
