Home Finance 27-Story, 236-Unit Residential Development Slated for LA’s South Park
FinanceIndustry NewsLos AngelesResidential

27-Story, 236-Unit Residential Development Slated for LA’s South Park

Share
Screenshot 2024-06-18 at 3.26.41 PM
Google street view
Share

By Lilly Riddle

The Central Los Angeles Planning Commission held a public hearing on June 11 to address several development proposals, including a 27-story residential tower slated to be built at 949 S. Hope St. in the South Park neighborhood of downtown Los Angeles. The property is currently owned by an entity affiliated with Forest City Southpark Two, Inc., according to public documents. Forest City is affiliated with Brookfield, according to industry reports.The proposal sparked community interest and debate at the meeting.

Forest City Southpark Two, LLC has submitted plans to build the proposed project, which, if approved, would add 236 residential units to the area, along with ground-floor retail and restaurant space, records show. The 274-foot-tall tower would rise atop a 17-foot podium, featuring a modern design. The project would replace an existing three-story residential and office building located on a portion of the developer’s contiguous parcels.

The project will also involve the demolition of an existing office building and the subsequent construction of a residential complex. The proposal has garnered attention due to its potential impact on the existing urban landscape and traffic patterns. An appeal has been filed against the Zoning Administrator’s prior approval, citing concerns about the project’s scale and compatibility with the surrounding neighborhood.

The developer is seeking several approvals for the project, including a site plan review, a conditional use permit for transient occupancy and a master conditional use permit in order to allow for the sale and dispensing of alcoholic beverages on-site. Additionally, the developer is requesting a 20 percent reduction in parking requirements from the city.

The project site is currently zoned for high-density residential use and is located near the 14-story Skyline condominium building and The Met, another 14-story apartment building. The existing parking garage, shared by The Met and the current three-story building, would be maintained and potentially expanded to accommodate the new residential units.

The project has the potential to significantly impact the South Park neighborhood, according to a planning document from the City Los Angeles Department of City Planning, adding many new residents and contributing to the area’s ongoing revitalization. However, concerns have been raised about the project’s potential effects on traffic and parking in the area, particularly due to the developer’s request for a parking reduction and a deviation from the city’s parking policy.

The project is currently under review by the relevant city agencies, and a public hearing is expected to be scheduled in the near future.

Share

Featured Content


Recent Posts

Related Articles

36-Unit Carlton Apartments in Hollywood Trade for $7.6MM

Los Angeles, Calif. (June 16, 2026) – Kidder Mathews has successfully arranged...

Local Investor Acquires 25,000 SQFT Burlington Building in Sherman Oaks for $11.23MM

A local private investor has acquired a single-tenant retail building leased to...

Social Media Auto Publish Powered By : XYZScripts.com