The developers of a hotel project near the Los Angeles Convention Center are hoping to receive rebates from it. According to a motion filed by First District City Councilman Gil Cedillo, Sandstone Properties wants financial incentives for its 730-room hotel at 1330 W. Pico Blvd. The 37-story project, dubbed The Albany, would include 63,000 square feet of conference space.
Other projects, such as Lightstone Group’s Fig + Pico development, have secured deals to keep the transient occupancy tax that would otherwise be paid to the city. The project was first announced in the summer of 2018 and in April the developer unveiled renderings for The Albany from architecture firm HOK.
The motion is currently awaiting review by the City Council. The news was first reported by the website Urbanize L.A.