Sandstone’s bet on DTLA property near convention center gets Council boost

The firm acquired land that Councilman Gil Cedillo now wants to rezone for hotels

TRD LOS ANGELES /
Jun.June 05, 2018 08:09 AM
Councilmember Gil Cedillo, Sandstone Properties president Eri Kroh and 1330 W. Pico Boulevard

In October, Sandstone Properties acquired a 150,000-square-foot warehouse near the Los Angeles Convention Center in an area zone for industrial. There was little the company could do, it seemed, except keep the 40-year-old, two-story property as is.

But as Los Angeles continues to push for ever more hotel rooms Downtown, and following last month’s rollout of a $1.2 billion expansion and redevelopment plan for the convention center, Sandstone’s bet on that area may be paying off.

Last week, Councilmember Gil Cedillo introduced a motion to rezone Westwood-based Sandstone’s 2.6-acre property for hotel development, , according to Urbanize. The company paid $42 million for the property, which is located at 1330 W. Pico Boulevard, a few blocks from the convention center.

It would be another hotel in a steady stream under construction in the area. Fellow Councilmember Jose Huizar set a goal of building 8,000 more hotel rooms around the convention center to boost tourism. [Urbanize] — Dennis Lynch 


Related Articles

arrow_forward_ios
LA promo

Coming Soon: The Real Deal Los Angeles’ Winter 2020 issue!

Architect Simon Park and a rendering of the project (Credit: SSPSTUDIO ARCHITECTURE & URBAN DESIGN)

Boyle Heights slated for another mixed-use project

Monica Rodriguez orchestrated the nixing of a residential project set for the Verdugo Hills Golf Course (Credit: Google Maps, Wikipedia)

The threat of fire doomed this Tujunga resi project. Now the developer will sue

From left: Howard Schwimmer and Michael S. Frankel, with 1601 W. Mission Boulevard and 2757 E. Del Amo Boulevard (Credit: Google Maps)

Rexford Industrial adds to LA portfolio with $100M in acquisitions

Andrew McDonald and At Mateo in the Arts District

Cushman’s West Coast chief talks expansion, DTLA market, the death of the starving baby broker & more

3339 Exposition Blvd. and Asher Luzzatto

Luzzatto Co. assembling creative office hub in West Adams

Jason Illoulian and the Cemex plant

Faring makes $30M assemblage play on WeHo/LA border

From left: Nuveen CEO Vijay Advani, Graymark founder/CEO Brian Hecktman

Graymark, Nuveen pay $97M for El Segundo creative office

arrow_forward_ios
Loading...