After initially being submitted in 2018, plans remain in limbo for a 258-room hotel by AECOM Capital and Mack Real Estate Development in Los Angeles’ South Park neighborhood. While updates on the project have not been made since 2019, financial incentives given to the project team from the City show that the project remains in the works.
The project site is located at 1155 South Olive Street. Should it receive approval, the project would include the construction of a 16-story midrise hotel with ground floor retail and restaurant space.
In total, the hotel would offer 2,722 square feet of restaurant space and 1,896 square feet of retail space. Additionally, hotel guests would have access to 400 square feet of meeting space, a rooftop deck with a pool and fitness center and a 36-space subterranean parking garage.
After plans were first submitted in 2018, a review conducted by the City in 2019 granted the project financial assistance of up to $17.3 million. The review also determined that the project will generate $34.6 million net present value due to its likelihood to support the nearby Los Angeles Convention Center, provide new jobs and other community benefits.
Located just outside downtown Los Angeles, the project site would put the hotel within walking distance to popular attractions, like the Crypto.com Arena. The hotel would also be within walking distance to Los Angeles’ nearby Fashion District and is also within close proximity to both Interstates 110 and 10.
The project site is also located near several other developments by AECOM and Mack Urban Real Estate Development. In 2014, the two companies together purchased six acres of land for $80 million in the South Park neighborhood with plans to develop it with 1,900 residential units, a hotel and open space.
Since acquiring the land, two projects have been completed. These include WREN Apartments, a mid rise apartment building offering 362 residential units. Located at 1230 S. Olive Street, the project was completed in 2017. Since then, the group has also completed AVEN, a 38-story residential tower with 536 units. The project was completed in early 2019 and is located at 1120 S. Grand Avenue.
So far, no timeline on the hotel project has been proposed. However, initial projections for the total six-acre site estimate that all developments will be completed by 2024.
