Two years ago, Chinatown's Velvet Turtle restaurant was reduced to rubble amidst rumors of an apartment building that would rise in its place.  Now, those development dreams are finally being realized.

Yesterday, plans were filed with the City of Los Angeles to construct a new residential-retail complex at 708 N. Hill Street.  According to a case filing from the Department of City Planning, the approximately .79-acre lot is slated for a seven-story structure that would feature 162 residential units, 5,000 square feet of ground-floor retail space and two-and-a-half levels of underground parking.

The property, located at the northeast corner of HIll and Ord Streets, was sold in early 2015 for $10.5 million.  City records link the project to Avant Development, a Los Angeles-based real estate firm.

Recent years have seen the completion of similar developments in and around Chinatown, including the $93-million Jia apartments and the $100-million Blossom Plaza.

708 N. Hill Street (Image: Google Street View)
708 N. Hill Street (Image: Google Maps)

From the Web

100 Apartments Planned in Silver Lake

Six-story development planned south of Fountain Avenue.

A local real estate firm hopes to redevelop a series of early 20th century buildings in Silver Lake with a mid-rise apartment complex.

Last week, California Landmark Group submitted an application to the City of Los Angeles to construct a six-story building at the northwest corner of Myra Avenue and Effie Street that would feature 100 apartments through the Transit Oriente