DTLA - Will the development boom along the Figueroa Corridor in South Park ever let up? The northeast corner of Figueroa Street and Pico Boulevard is the latest parcel to see action, as national developer Lightstone last week formally submitted its plans to build a two-tower hotel complex with 1,100 rooms to the department of City Planning.
It is New York City-based Lightstone’s first hotel project in Los Angeles, and the company touts a $2 billion portfolio across the country. “This milestone for the Fig+Pico Conference Center Hotels project signifies the earnest start of its administrative review process, as well as Lightstone’s commitment to support Los Angeles’ need for quality hotel rooms that will facilitate the Convention Center expansion,” Lightstone President Mitchell Hochberg said in a prepared statement. The project has received formal support from the South Park Business Improvement District [Correction: Lightstone is working with the South Park BID, but the board's organization has not been presented with the project and does not take formal stances on projects; the incorrect implication of formal support came from a representative of the developer] and the Central City Association, as well as from 14th District City Councilman José Huizar, who earlier this summer motioned to allow zone changes on the parcel to facilitate a larger project (part of the parcel is owned by the city, according to city documents). The motion was passed by City Council last month. Lightstone’s project will also feature a six-story parking podium and ground-floor retail fronting on Figueroa, Pico and Flower Street. Proposed amenities include a sky lobby, three pools, bars, restaurants and event space. Downtown-based Gensler is handling the architectural design, and no budget or timeline have been announced.
© Los Angeles Downtown News 2016