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French developer buying Chinatown site for 26-story project
Local firm Redcar Properties withdrew its plans there last fall
A French developer is purchasing a Chinatown property and has big plans for a sleek new development there.
The roughly one-acre property at 643 Spring Street is in escrow for an undisclosed amount and is expected to close in the next few months, according to the seller, Redcar Properties.
Redcar had purchased it for $14.75 million in early 2016. The developer filed plans for a 211-unit project there in January 2017, but withdrew the application last fall.
The buyer of the property this time is Compagnie de Phalsbourg, a Paris-based developer that’s brought on Chicago-based architect Studio Gang to design the new 26-story hotel-and-rental property. The project will be Compagnie de Phalsburg’s first in the United States and Studio Gang’s first in Los Angeles. Compagnie de Phalsburg is partnering with local real estate firm Creative Spaces on the project.
Renderings of the project show a curving tower that crosses the site diagonally. A news release said the tower is just 55 feet wide to allow each unit ample natural light. It will include around 300 rental units from studios to three-bedrooms and a 149-key hotel operated by Paris-based MOB Hotel.
The tower is surrounded by a public plaza open to both sides of Spring and New High streets and will include a roofdeck with a swimming pool and bar, along with landscaped terraces on the second and third floors that will be shared by residents and hotel guests.
The project will rise on what is now a three-story commercial and residential strip and adjacent parking lot.
Studio Gang has been active around the country, including in San Francisco and New York. Last week, Tishman Speyer unveiled renderings for a 51-story condominium tower designed by Studio Gang for Downtown Brooklyn, the firm’s fourth project in New York.