Brookfield, already the largest office landlord in Downtown Los Angeles, will now venture into ground-up development through the proposed construction of a new landmark residential building in the Financial District.
Earlier today, the firm submitted an application to the Department of City Planning to construct a residential tower on a vacant plot of land adjacent to the bustling Figat7th shopping center.
The proposed tower represents the long-awaited completion of a master-planned development which dates back over 35 years. Other components of the full-block development—including retail complex Figat7th, the 777 Tower, and Ernst & Young Plaza office towers—were completed in phases between the mid-1980s and the early 1990s. Although entitlements allowed for a third office building on the property, market conditions delayed completion of the master plan. Brookfield has acquired and operated various portions of the site since 2006, and achieved complete ownership of the block with its purchase of MPG Office Trust in 2013.
The proposed building would feature approximately 780 residential units, in addition to residential amenities and pedestrian-oriented commercial space.
Los Angeles-based design firms Marmol Radziner and Large Architecture have been tapped to design the proposed tower. Renderings portray a slender, modern high-rise with numerous outdoor and common spaces placed throughout the building, including a podium-level pool deck and a rooftop observation area.
The design calls for the new construction to line the adjacent Figat7th plaza with commercial space, with potential for outdoor dining. A 36-foot grade change across the property is addressed with plans for a vertical paseo, allowing pedestrians to walk from West 8th and Francisco Streets up to the plaza level and connect through to Figueroa and West 7th Streets.
In addition to the proposed residential tower, Brookfield’s other investments at the full-block site include a $40-million upgrade to the Figat7th retail complex between 2011 and 2012. Since reopening, the shopping center has become a bright spot in Downtown’s retail scene, with a roster of tenants that now includes Target, Zara and H&M and soon to be opened Nordstrom Rack. Today, Brookfield owns and operates approximately 8.6 million square feet of commercial office space in Downtown Los Angeles.