A bold residential skyscraper project planned for downtown Los Angeles has gained significant momentum after receiving approval from the City Planning Commission. The proposed 53-story tower will be constructed in an unconventional location—directly on top of an existing parking garage at the Bloc, one of downtown’s most concentrated mixed-use developments.
The ambitious project would transform the current 12-story garage into the foundation for a 41-story residential tower, creating a combined 53-story structure. The development calls for 466 residential units, comprising 83 studios, 271 one-bedroom apartments, 100 two-bedroom units, and 12 three-bedroom spaces.
National Real Estate Advisors, which acquired the property in 2018 from previous owner Wayne Ratkovich, is spearheading the project. The development timeline projects construction to begin by 2027 with completion targeted for 2030. The decision whether to market the units as apartments or condominiums will be determined based on market conditions closer to completion.
The Bloc has undergone significant transformation since its origins in the early 1970s as an indoor shopping mall occupying an entire downtown block. Its location at 7th and Flower Streets at 700 South Flower Street, near major office buildings and the 7th Street/Metro Center light-rail station, has maintained its relevance despite changing urban landscapes.
The approved plans include substantial amenities, with the tower occupying only a portion of the garage roof. The remaining space will feature an outdoor recreation deck with a swimming pool, barbecue areas, and extensive landscaping. Additionally, the garage will undergo necessary seismic retrofitting as part of the development.
This project comes at a critical time for Los Angeles, which faces both housing shortages and construction slowdowns. According to real estate data provider CoStar, multifamily construction has declined 22% year-over-year, while the city’s apartment vacancy rate has dropped to 5%, indicating strong demand.
Local stakeholders, including Rising Realty Partners, have voiced support for the project, noting it would “transform the existing development into a true mixed-use project” and help create “a balanced 24-hour community” in downtown Los Angeles.
The proposal now heads to the City Council for a final approval vote before construction can proceed.
