In October, Oceanwide Real Estate Group finally revealed their new three-tower plan for the long-awaited Fig Central mega-development. Just two months later, the Bejing-based developer is already moving ahead with an important first step in the construction process.
Earlier this week, the Los Angeles Department of Building and Safety issued demolition permits for the existing structures at 1101 S. Flower Street. The 4.6-acre property, purchased by Oceanwide in late 2013, is currently developed with a pair of low-rise mechanical buildings and an underground bank vault. Construction of the new tower complex will necessitate the removal of all existing structures.
As of Monday, the process had already kicked off with the arrival of heavy equipment along the Flower Street side of the project site. This afternoon, a skeleton crew was hastily assembling a chain-link fence which now encircles the property. One worker stated that demolition was scheduled to begin soon.
|Fig Central (All image: RTKL and Oceanwide Real Estate Group via DLANC)|
However, Oceanwide is not quite ready to raise new cranes in South Park. The project still requires further approvals from both LADBS and the Department of City Planning prior to breaking ground.
Additionally, RTKL's new design for the project will require minor revisions. In an October meeting of the DLANC Planning and Land Use Committee, committee members noted that the updated design featured more levels of above-grade parking than allowed under the Downtown Design Guide. The developer has reportedly agreed to alter its plans as required.
Another high-rise development is also slated to begin work across the street in the near future. The project, known as Fig South, will consist of twin 36-story condominium towers. The residential-retail development could begin construction before the end of this year.