Denver-based developer Continuum Partners and Los Angeles Cold Storage Co.  announced Thursday that they started the city approvals process for a huge new development with 1,500 housing units, office space, retail and a hotel, all across the street from Downtown LA’s Arts District.

The project would rise on a 7.6-acre site at Central Avenue and Fourth Street, where Skid Row meets Little Tokyo and the Arts District. The tallest building on the site would hit 42 stories. The development is expected to cost $1.5B to $2B, a project spokesperson said.

The announcement of the development comes as Downtown LA is still clawing its way back from the coronavirus pandemic, and some anticipate it might take a while to fully bounce back. Continuum Partners CEO and founder Mark Falcone doesn’t have doubts about its comeback.

“We are very bullish about the future of Los Angeles, particularly downtown,” Falcone said in a statement. “Fourth & Central is part of the evolution of DTLA into a dense, walkable, bikeable, and durable 21st-century community that preserves the character and history of the neighborhood.”

The 1,500 residential units would be a mix of apartments and condos, including 216 affordable units. The exact breakdown and affordability levels were not disclosed. The development would also include 401K SF of office space that would be similar to ProduceLA, the creative office complex Continuum opened in March in the Arts District. Fourth & Central would also include 93K SF of retail and restaurants and a 68-room hotel, developers said.

The master plan and project architecture for the 10-building project are by Studio One Eleven. Two of the “marquee” buildings in Fourth & Central are by British-Ghanaian architect David Adjaye and will be Adjaye’s first ground-up project in Los Angeles.

The future site of Fourth & Central is occupied now by a large Los Angeles Cold Storage warehouse, and the project is described as a partnership between the company and Continuum, though the details of the partnership were not shared.

The cold storage facility will relocate to make way for the project and expand at its new location, the company’s president, Larry Rauch, said in a statement for the project. LA Cold Storage is the longtime owner of the property, and Rauch’s family has long owned LA Cold Storage.

Rauch is a member of the L.A. Alliance for Human Rights, which filed a lawsuit against the city and Los Angeles County in federal court last year over their handling of the homeless crisis. Last week, a judge granted a preliminary injunction in the case that would require local officials to offer shelter options to Skid Row’s unhoused by the end of October.

Construction on Fourth & Central is expected in 2024.