Site clearance has begun for a new 42-story mixed-use residential tower on Eighth and Figueroa streets. The project comes from Mitsui Fudosan, Japan’s largest real estate company and will bring 438-units to the Financial District. The project would replace an existing parking lot on Figueroa Street, and Johnson Fain Architects is handling the design of the building, which will feature a pedestrian walkway down Figueroa Street.
“We are pleased to commence the next phases of this project and make out contribution to the renewed vitality and dynamism of Figueroa Street and the Financial District,” Stuart Morkun, vice president, development and co-head of the Los Angeles office of Mitsui Fudosan America said in a prepared statement.
Construction is expected to take about three years.