The Real Deal Los Angeles

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
June 05, 2018 08:09AM

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