Last year, the Miami-based firm paid $11.5 million to purchase a corner property at 1045 S. Olive Street in South Park. After months of rumors, Crescent Heights has tipped its hand by filing plans with the City of Los Angeles.
According to a case filing from the Department of City Planning, the proposed development at 11th and Olive Streets would consist of a 714-foot tall building, featuring 800 condominiums above ground-floor retail space and amenities. The tower would be among the tallest buildings in Southern California.
The property spans approximately 38,000 square feeet on city block that has been transformed by development over the last two years.
To the north, a pair of podium-type apartment buildings from the Hanover Company and Lennar Corporation have created a mid-rise streetwall along Olympic Boulevard.
West along Grand Avenue, San Francisco-based Trumark Urban is nearing completion on the 24-story Ten50 development, one of the few recent Downtown projects to offer for-sale housing.