Developers Mack Urban and AECOM Capital have submitted revised plans for their proposed Downtown hotel to the City of Los Angeles for review.
The project, which would replace a surface parking lot at the northwest corner of 12th and Olive Streets, is now proposed as a 16-story building that would feature 243 guest rooms and 4,618 square feet of ground-level retail and restaurant uses. The proposed 121,000-square-foot building would also include on-site parking for up to 65 vehicles.
A motion introduced earlier this month by Los Angeles City Councilmember Jose Huizar indicates that the development team is seeking financial incentives from the city to facilitate the hotel's construction. Under the proposed arrangement, Mack Urban and AECOM would provide $150,000 to fund a study of their project's economic viability. Past incentive packages granted to Downtown hotels have offered a partial rebate in the transient occupancy tax revenue generated by projects.
Lightstone Group's Fig + Pico development, with three hotels and more than 1,100 guest rooms, recently received such an incentive package. AEG is also seeking similar benefits for a proposed expansion of the J.W. Marriott at L.A. Live, which was announced this month as part of a potential Convention Center modernization.
Mack Urban and AECOM's Downtown portfolio includes the WREN apartments, which opened last year, and the 37-story Aven tower now rising at 12th and Grand Avenue. The companies filed plans earlier this month to construct a pair of skyline-altering residential towers just north of the hotel site at 11th and Olive Streets.
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