SCG America, the U.S. arm of a major Chinese real estate firm, has announced the acquisition of a .8-acre development site in the Historic Core of Downtown Los Angeles.
The property, located at the intersection of 4th Street and Broadway, is slated for a 34-story high-rise building which would feature 450 residential units and approximately 7,000 square feet of ground-floor commercial space. A groundbreaking for the proposed tower is scheduled for October 2016, with completion expected by 2020.
The project site - currently home to a one-story commercial complex - was entitled for development by prominent Downtown landlord Izek Shomof. Shomof sold the property to SCG in late 2015.
Renderings from local architecture firm HansonLA portray a contemporary design, with a boxy tower protruding above a 12-story podium. The project's dimensions are dictated by the Broadway Design Overlay, which mandates a mid-rise streetwall along the historic commercial corridor.
SCG plans to work closely with Bringing Back Broadway, an initiative from 14th District Councilman Huizar which aims to restore the historic theater district to its former glory. The company also intends to build off of the momentum created by other nearby projects such as the adaptive reuse of the Broadway Trade Center and Grand Central Market.
The impending groundbreaking was first reported by Downtown blogger Brady Westwater.
- A Closer Look at the Historic Core's 34-Story Tower (Urbanize LA)
- Los Angeles Projects (SCGA)