Less than one year after purchasing the Downtown Toyota site for $30 million, a partnership that includes local parking lot king L&R Group is moving forward with plans to redevelop the 60,000-square-foot property with a mixed-use high-rise complex.
According to plans filed today with the City of Los Angeles, the property at Figueroa and Venice Boulevards is slated for a 52-story tower, featuring 336 residential units, 250 hotel rooms and approximately 8,500 square feet of ground-floor retail space.
Records indicate that RP Realty Partners, a Los Angeles-based real estate investment firm, is leading the proposed development.
L&R has a history of partnering with real estate firms to develop its Downtown properties. It is a partner with Geoff Palmer on the nearly-finished Broadway Palace complex near the Ace Hotel.
The proposed tower at 1600 S. Figueroa Street joins several other high-rise developments that have emerged in recent months near the L.A. Convention Center, including City Century's Olympia.