Brookfield wants to add 34-story apartment tower to DTLA office complex
Plans filed for 366 units at Bank of America Plaza on Bunker Hill
UPDATED, Nov. 11, 11:25 a.m.: Brookfield is looking to add a 34-story apartment tower to one of its trophy office complexes on Bunker Hill in Downtown Los Angeles.
The Toronto-based asset manager and developer has filed plans with the city to build 366 apartments in a new building at 333 South Hope Street. It would rise on the same plot of land as its Bank of America Plaza, city documents show, and plans call for all of the units to be market rate.
The developer will demolish existing office space on the site, as well as parts of a small, private park.
Brookfield is aiming the development will “create residential opportunities, close to public transit,” according to a spokesperson for the firm.
The new units will range from studio to one- and two-bedroom apartments. The complex, to be dubbed “Residences at 333 South Hope Street,” will also offer 187 parking spaces, rooftop space and a ground-floor case.
The new tower would be steps away from Bank of America Plaza — a 55–story, 1.4-million-square-foot office tower that the firm bought for $70 million in 2002, records show.
Tenants at the office tower include Bank of America, the law firm of Kirkland & Ellis and The Capital Group, a financial services company that is leasing 324,000 square feet at the property through February 2023, according to Brookfield investor presentations.
Across Downtown Los Angeles, the real estate giant owns six other office and retail plazas totaling 5.8 million square feet of space. Its holdings range from Bunker Hill on the northern edge of the city center to the Fashion District, at the south end where the firm is working on a $170 million, 1.8-million-square-foot redevelopment of the California Market Center.
This will be Brookfield’s second residential venture in the Downtown area, which has seen office vacancy rates dip dramatically during the pandemic. The firm is currently constructing a 785-unit property at 755 South Figueroa Street.
The area is, however, the busiest in the U.S. in terms of new apartment construction. More than 10,000 apartments have been built in Downtown L.A. since 2017, according to a recent report from RentCafe.
This story has been updated to include a statement from a Brookfield spokesperson and details about another Brookfield residential project.