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Crescent Heights’ 70-story DTLA rental tower may rise after all
794-unit complex was proposed nearly 5 years ago
It has been nearly five years since Crescent Heights proposed its 794-unit apartment tower for Downtown Los Angeles.
The 70-story project at 1045 S. Olive Street has encountered a number of obstacles but finally, it is nearing the finish line. The City Planning Commission this week approved the construction, sending it to the City Council for consideration, according to Urbanize.
The development, now rental units, will have 12,500 square feet of ground-floor retail space and include a nine-story parking podium.
Revisions from the original plan include a modification to the parking podium sought by planning commissioners.
The project stalled because the city and the developer could not agree on a community benefits package. The developer will contribute $10 million to the citywide affordable housing trust fund, $10.8 million to on-site improvements and $200,000 to the South Park business improvement district for a new park.
Crescent Heights is also working on a two-tower project in Hollywood. In 2019, the firm bought a Beverly Hills development site from Temple Emanuel, though it hasn’t announced plans for the property.
[Urbanize] — Dennis Lynch