Atlas Capital scales back big Chinatown resi development

The proposed mixed-use complex will now have 45 fewer units

TRD LOS ANGELES /
Sep.September 05, 2018 08:00 AM
The Chinatown Station development planned for 924 N. Spring Street (Credit: Atlas Capital Group)

In the latest version of a sprawling residential complex in Chinatown, developers are now calling for 725 units, down from 770 units that were proposed in the previous rendition. Gone, too, is the proposed twin 20-story towers that was part of the original concept.

New York-based Atlas Capital Group is now proposing a six-story mixed-use development at 924 North Spring Street, according to Urbanize. The city released the updated information accompanying its environmental impact report. The development, called Chinatown Station, would include 50,000 square feet of ground floor commercial space at the corner of College and Spring streets.

Atlas Capital’s new plans also eliminate the street-fronting townhomes from the plan, and reduces parking spaces from 1,179 to 907. Los Angeles-based Johnson Fain architects will design the project. This is the second time the plans have been revised. Originally, the project called for two 20-story towers.

Atlas Capital has focused most of its L.A. investment Downtown, but it is also busy in the Valley after it recently buying an office complex in Chatsworth for $41 million.

The Chinatown site, now a 5.7-acre vacant lot, is near Los Angeles State Historic Park. The 32-acre park was recently expanded and restored. Its reopening has also been seen as a way to attract new developments and investment to the area, industry experts said.

Chinatown Station is not the only development project in the works. In June, a 27-story mixed-use tower with 187 units was proposed by Townline and Forme Development for a property near Chinatown Central Plaza at 942 North Broadway. [Urbanize] — Gregory Cornfield


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