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The Los Angeles City Council voted Tuesday to approve Mitsui Fudosan America's 50-story apartment tower.
The 8th Grand & Hope project would replace a parking garage and surface parking lot at 754 South Hope St. with a 50-story tower holding nearly 600 apartments ranging from studio units to three-bedrooms, Urbanize LA reports.
The project, originally submitted for approval in 2017, survived three separate appeals prior to the council's approval.
The Gensler-designed project would also hold approximately 7.5K SF of ground-floor retail space and 650 parking spaces.
MFA's plans include the ability to add as many as 189 additional units at some point in the future via the conversion of its parking garage into residential space. In anticipation of that, the parking levels will be designed without a slope, ULA reported.
A timeline for the project is unclear. MFA did not immediately respond to a request for comment.
Earlier this year, MFA's 42-story apartment tower at Figueroa and 8th streets in Downtown opened right next to Brookfield's FIGat7th open-air shopping mall. The "ultra high-end," $350M project was seen as a sign that Downtown's residential market, unlike its office market, was booming, the Los Angeles Times reported in May.
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