Lightstone Group’s 1,150-key hotel project gets preliminary green light

The development, to rise in Downtown L.A., still needs final approval

TRD LOS ANGELES /
Mar.March 12, 2018 12:00 PM
Renderings of Fig + Pico (Credit: LADCP, lightstonegroup)

Lightstone Group has cleared another hurdle as it sets out to build “Fig + Pico,” a large mixed-use project slated across the street from the Los Angeles Convention Center.

The L.A. Planning Commission approved the project, which now heads to the City Council for final approval, CoStar reported.

The New York-based developer wants to build three hotel brands in two buildings. One 38-story tower, located at the corner of South Figueroa and West Pico boulevards, would include 775 rooms and 11,000 square feet of retail and parking. The other 27-story building, located at the corner of Pico and South Flower Street, would have 378 rooms and 2,145 square feet of retail.

Gensler and landscape architect AHBE are designing the project.

As part of the approval process, Lightstone will pay $1 million to the city for neighborhood efforts, such as graffiti removal.

In November, Lightstone paid the city $9.6 million to acquire an 18,800-square-foot, city-owned parcel where it plans to build the complex. The City Council’s Economic Development Committee approved the sale, marking a major step for the project.

The developer first filed plans in August 2016. At the time, a 42-story tower with two Marriott-brand hotels and a 25-story tower with a Hilton Garden Inn Hotel were in the pipeline. Construction was expected to begin late 2017.

Lightstone has not provided many additional details for the projects, and it’s unclear if the Marriott and Hilton brands are still the leading candidates.

The project will add to L.A.’s hotel construction boom. In the next few years, there will be an additional 10,000 rooms coming online, according to a report from Atlas Hospitality Group. Pending approvals, Fig+Pico will join BLVD Hospitality’s citizen boutique hotel, a 66-key project in the Arts District and the Wyndham Hotel & Resorts project planned on Olympic Boulevard. [CoStar] — Natalie Hoberman


Related Articles

arrow_forward_ios
California State Senator Scott Wiener and Construction Trades Council President Robbie Hunter

Construction union pulls “anti-Semitic” Scott Wiener attack ad

Construction union pulls “anti-Semitic” Scott Wiener attack ad
Alicia Silverstone from the film 'Clueless', 1995, and a rendering of the Beverly Center (Credit: Paramount Pictures/Getty Images, and Beverly Center via Los Angeles Times)

For LA’s malls, lawsuits could be the next crisis

For LA’s malls, lawsuits could be the next crisis
Federal authorities charged developer Serena Shi in an alleged $20 million EB-5 scam

Coachella condo project at center of $20M alleged EB-5 fraud

Coachella condo project at center of $20M alleged EB-5 fraud
Bryan Domyan and the S. Hope Street development site (Credit: Google Maps)

Developer plans 144-key hotel near near Staples Center

Developer plans 144-key hotel near near Staples Center
Rendering of the project

LA Trade Tech plans new 80K sf building for DTLA campus

LA Trade Tech plans new 80K sf building for DTLA campus
From left: Council President Nury Martinez, Councilmember Jose Huizar, and Mayor Eric Garcetti (Credit: Jerod Harris/Getty Images, and Twitter)

“Greed, corruption, and deception”: City’s top pols want Huizar out

“Greed, corruption, and deception”: City’s top pols want Huizar out
Onni Group’s Rossano DeCotiis and a rendering of the project

Onni Group must redesign Times Mirror Square project, but the clock is ticking

Onni Group must redesign Times Mirror Square project, but the clock is ticking
Smoke Tokes was one business that burned over the weekend (Credit: APU GOMES/AFP via Getty Images)

Federal investigators probe large fire at cannabis products warehouse

Federal investigators probe large fire at cannabis products warehouse
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...