Lightstone Group, a New York-based real estate firm, continues to forge aheads with plans to construct a convention center hotel complex in Downtown Los Angeles.
The Fig + Pico development, which first surfaced in early 2016, would rise from an approximately 1.22-acre property along Pico Boulevard, replacing a surface parking lot and a small commercial building.
Per an initial study published by the Department of City Planning, the project would create a 42-story, 529-foot tower at the corner of Pico and Figueroa Street, featuring two hotels with a combined 820 guest rooms. Plans also call for 11,000 square feet of ground-floor retail space, rooftop pool decks, conference space, amenities and parking for up to 353 vehicles.
At the corner of Pico and Flower Street, Lighstone has proposed a 25-story, 326-foot tower featuring a third hotel with 342 guest rooms. The smaller tower would also include approximately 2,100 square feet of retail space, a rooftop pool deck and other amenities.
Architecture firms Gensler and Yabu Pushelberg are collaborating on project, which is depicted in an architectural rendering as a pair of contemporary glass towers. The developer has requested a new light and sign district for the property, as well as others along Pico Boulevard and Flower Street, in order to digital advertisement along the lower levels of the buildings.
Construction is expected to begin in either late 2017 or early 2018, contingent upon approvals by the City of Los Angeles. Delivery would is expected sometime in 2022.
Fig + Pico emerges in the wake of multiple high-rise developments now rising around the Convention Center and L.A. Live, highlighted by Oceanwide Plaza, Metropolis and Circa. Similar projects now making their ways through the approval process include 1020 Figueroa Street and Olympia.