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
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