Continuum Partners’ Fourth & Central in Downtown Los Angeles got the green light from the Planning Commission Thursday, inching the $2 billion project closer to final approval.
Plans for the 7.6-acre site at 4th Street and Central Avenue call for 1,589 residential units with a minimum of 249 affordable units, along with 401,000 square feet of creative office space and 145,748 square feet of retail and restaurants.
A master plan of the site proposes 10 buildings, ranging in height from two to 30 stories. In addition to residences and commercial space, Denver-based Continuum would include 2 acres of public open space on the street level.
The City Planning Commission unanimously voted to recommend approval of Fourth & Central.
“This project represents a significant stride toward addressing the region’s housing challenges,” Nella McOsker, president and CEO of DTLA advocacy organization Central City Association, said at the meeting. “Plus, the new retail and restaurant space will attract business and people to Downtown.”
Housing construction in Los Angeles has plunged since early last year, nearing a 10-year low.
Fourth & Central accounts for the biggest chunk of units in the current pipeline of nearly 30,000 units on the drawing board for the downtown area.
The development, announced in 2021, would raze a 130-year-old cold storage warehouse next to the Arts District and Little Tokyo. Continuum formed a partnership with the property owner, Los Angeles Cold Storage, to develop the site.
Larry Rauch, president of Los Angeles Cold Storage, said he celebrated the vote after spending “years working on our plan to transform this industrial property into a mixed-use community.”
Since the initial proposal the tallest building located on the northern portion of the site has been reduced to 30 stories from 44 and the hotel component has been replaced with more residential units, including an increased number of affordable homes.
The project moves on to the City Council’s Planning and Land Use Management Committee for a vote before it would go on to the full City Council.