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.

Image via Google Maps
Image via Google Maps

From the Web

Small Lot Houses Take Shape in Highland Park

The project is located just north of the Arroyo Seco Parkway.

Construction forges ahead for Bridewell, a new development of small lot homes in Highland Park.

The project, located at the intersection of Bridwewell and Pollard Streets, is being built by Santa Clarita-based developer Williams Homes.  The nine single-family residences will feature floor plans between 1,865 and 2,456 square feet.