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Development Plans Filed for Apartment Project at 1340 S. Figueroa

By Eric Richardson
Published: Thursday, November 03, 2011, at 10:31AM
1340 S. Figueroa Plans Studio Daniel Libeskind / Cypress/Fifield

Left: 2008 rendering of a 43-story tower designed by Daniel Libeskind that would have featured 273 condo units. Right: 2011 plans for a seven-story development that will contain approximately 250 apartments and 11,000 square feet of retail space.

In late 2008, surprised Downtowners learned of plans for a Daniel Libeskind-designed tower across from the Convention Center. At 43 stories, it would have housed 273 condos, 9,000 square feet of restaurants, and a nearly 10,000 square foot spa.

Plans for development on the site are again moving forward, but they appear to have lost 36 stories in the economic downturn.

A joint venture of Cypress Equity Investments and the Fifield Companies bought the site in late September and last month filed for planning approval to build a pair of seven-story structures with approximately 250 apartments and 11,000 square feet of retail.

The twin structures are the result of an odd site arrangement. The 1340 S. Figueroa site also includes a pair of parcels on Flower Street, and the two are separated by an alley. The developer of the Libeskind tower had proposed to leave the Flower Street site as surface parking, moving all entitlements into the Figueroa side of the project.

According to a posting on Cypress' website, construction will start in the second quarter of 2012.

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