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| 737 S. Spring Street |
Yesterday, the Downtown News reported that Holland Partner Group had recently paid $12.5 million for a parking lot at the intersection of 8th and Spring Streets, with still unrefined plans to build apartments. According to a recent case filling from the Department of City Planning, the Vancouver-based company intends to join the the burgeoning trend of high-rise development in Downtown's Historic Core.
Plans for the property at 737 South Spring Street call for a 24-story tower, containing 320 apartment units and ground-floor retail uses. The proposed development would result in a larger building than the property currently allows for, and will thus require a transfer of floor area rights from a different site.
A set of promotional renderings, first seen on DTLA Rising, may offer hints about the project's future. The conceptual design from Chris Dikeakos Architects featured a soaring 34-story tower above a retail and parking podium. The actual project at 737 S. Spring Street calls for a slightly shorter building, albeit with a significantly higher level of residential density.
Although Holland Partner Group is no stranger to Downtown, or the Southern California region, the proposed tower will be their first project located east of the 110 Freeway. The developer is currently building a large residential-retail complex at the corner of 6th and Bixel Streets in City West. Their earlier work includes a 210-unit mixed-use development on Wilshire Boulevard.
- 11-17-14 (Downtown News)
- Case Information Summary Sheet: DIR-2014-4189-TDR-SPR (LADCP)
- Downtown LA Parking Lot...Looking for High-Rise Developer (DTLA Rising)
Well, I'm glad it's not a stump building, that's for sure. I live next door and this lot is a key parcel to connect the ever improving 9th Street corridor to the historic core. I'm hoping the design and materials are worthy of the area.
ReplyDeleteBased on their existing high-rise portfolio, it looks like they do quality infill. Perhaps a little garish for some, but not outrageously so.
DeleteAny word on non-rentals going up, such as the project near 8th and Main and the Title Insurance Building off Spring?
ReplyDeleteI know some preliminary was occurring at the Title Insurance Building earlier this year, but I haven't heard anything in months. I wasn't aware of a project at 8th/Main.
DeleteThe only condo project project that's actually underway right now is the 38-story Metropolis tower. Mack Urban's low-rise project on Pico Boulevard will probably be the next in line.
Thanks for the info. I should have been more specific, the Capital Garment Building off 8th. Work has been progressing for quite a bit on the exterior. Last I heard, it was going to be units for sale.
ReplyDeleteAh, I had forgotten about that one! I vaguely recall reading that it was going to be condos as well.
DeleteI was looking at the comp on CoStar and was wondering why Holland Partners' LLC company name is "732 Spring St", which is the address of the parking lot across the street?
ReplyDeleteInteresting. Perhaps I've gotten it wrong, or perhaps they've purchased more than one property.
DeleteThis website: http://nashcommunities.com/projects/ lists 732 Spring and 8th & Spring as separate projects. I think you may have just stumbled across a new project.
DeleteInteresting! I hope there is something there! I walk by this lot everyday and wonder what type of development would be proposed - Anything built can take advantage of Spring and Main frontage.
DeleteHopefully there will be sufficient momentum to get those parking lots developed if/when the Palmer and Barry Shy projects materialize.
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