L&R Group of Companies, a Downtown Los Angeles operator of parking facilities led by Nathan Cohen, filed plans with the city Wednesday to build a 52-story tower near the Los Angeles Convention Center.
The proposed project would replace a parking lot at 1600 South Figueroa Street in South Park, the L.A. Downtown News reported. It would feature 202 condominiums and 134 rental units, as well as a 250-room hotel with a 3,000-square-foot restaurant. There would 23 condos and nine apartments set aside for low-income individuals.
The towering structure would include 6,500 square feet of office space, 9,000 square feet of retail and 499 parking stalls.
Dealership and repair shop Toyota of Downtown L.A. currently sits on the 1.14-acre site but would be demolished ahead of construction. It will be relocating a few blocks away to Figueroa Street and Washington Boulevard.
L&R purchased the 60,000-square-foot property for $30 million in April 2016. At the time, TRD was told it would likely be redeveloped into a larger multi-level parking lot with ground-floor commercial space. [LADTN] — Subrina Hudson