4 Developments That Will Transform Figueroa
We already told you about some of the mega-projects that will reshape Sunset Boulevard, perhaps one of the most famous thoroughfares in the world. But if you're really following what's hot in LA, it's all about Downtown. So we decided to take a look at some of the developments that will reshape the future of one of Downtown's most notable streets: Fig.
Location: 1200 Figueroa
Players: Hankey Investment, Jamison Services, Falcon California Investments, Highlands Capital, Harley Ellis Devereaux, LendLease.
Completion date: Late 2017
The $500M project will build twin 35-story towers housing 648 luxury condos on top of a seven-story retail podium. There will also be 48k SF of retail and 1,770 parking spaces. This project broke ground in summer 2015 and features a curved glass look that offers a panoramic view of LA, and many other neighboring high-rises, including the Metropolis. Bisnow chatted with Hankey president Scott Dobbins this week to get the latest status update on the development.
2. Oceanwide Plaza
Location: Figueroa and 11th
Players: Oceanwide Real Estate Group
Completion date: 2018, condos hit the market in 2017
Breaking ground in spring 2015, this $1B project will have a total of three towers and an expansive above-ground outdoor space. A five star hotel and 200k SF of commercial space will be included. There will be 504 condos and 183 hotel rooms total. Chinese firm Oceanwide had previously acquired the development from New York City-based Moinian Group. This will be the first real estate venture for Oceanwide outside China.
3. Shenzhen Hazens Mega-Project
Location: Entire block bounded by Figueroa, 11th Street, Flower Street and Olympic Boulevard
Players: Shenzhen Hazens, Gensler
Completion date: After 2020
It's no secret Chinese firms are transforming the LA landscape. Shenzhen Hazens will add to the mix with a $700M redevelopment in the Luxe Hotel area. The project plans to break ground in 2017 and will be split into two phases. Phase 1 would build two 30-story towers, one residential and one hotel. Phase 2 would completely replace the Luxe Hotel with a 42-story residential tower. Expect the finished mega-project to have 650 luxury condos, 250 hotel rooms and 80k SF of retail space. We caught up with Shenzhen Hazens Group executive project director Sonnet Hui recently to get more on the company's plans.
Location: Four miles of streets from Downtown LA to South LA
Players: LADOT, Troller Mayer Associates, Melendrez, GEHL Architects
Completion date: 2017
Promising to make it easier for transit and bicycle users, this project will start in late spring 2016 and complete in 2017 under a $20M budget. It will link USC and Exposition Park to Downtown LA with better signals, signage, crosswalks, transit platforms, bikeways and trees. There will be on-street, fully separated bike lanes on each side of Figueroa for 27 signalized intersections. There will also be a lot more accommodations for public transit, including for the Silver Line and the upcoming streetcar service.