The booming Olive Street corridor of Downtown Los Angeles is poised for yet another high-rise development.

The Downtown News reports that a team of investors operating as Heart Olive intends to construct a 29-story residential tower at 845 S. Olive Street, replacing a pair of surface parking lots.  The project, which spans a mid-block site between Olive and Grand Avenue, would offer 205 studio, one-, and two-bedroom apartments, seated above a podium structure featuring amenities, parking and 2,400 square feet of ground-level commercial space.

Downtown architecture firm Togawa Smith Martin is designing the mixed-use development, which is depicted as similar in scale to surrounding residential towers such as Atelier DTLA and Onni Group's LEVEL.

Additional details about the project, which was submitted yesterday to the Department of City Planning, have not been revealed.

Rendering of 845 S. Olive Street (Image: Downtown News)
Rendering of 845 S. Olive Street (Image: Downtown News)

From the Web

Two Affordable Housing Projects Poised for $31 Million in Funding

The projects would create over 90 units reserved for low-income residents.

Earlier this month, the Los Angeles City Council approved $31 million in funding for affordable housing in Westlake and near USC.