All glass, high-rise apartment complex planned for 8th and Hope
A rendering of the new Downtown building at 8th and Hope streets.
DOWNTOWN LOS ANGELES — Developers are now moving forward with plans for an all glass, 22-story apartment building in downtown L.A., years after the project was put on hold "during the economic downturn."
The .7-acre location on 8th and Hope streets is slotted to have 290 one and two-bedroom units, according to Wood Partners, the company that bought the space in 2008.
“Downtown L.A. is seeing significant investment activity,” Brian Hansen, the real estate company's director of development for Southern California, said in a statement. “That’s why our timing on Hope Street is perfect. Because we started in 2007 and now have full construction drawings, we’ll be among the first projects out of the gate, and one of the first post-recession high-rises located in downtown.”
The development will be modeled after the company's Glass House complexes already established in Dallas and Denver. Each room will be floor-to-ceiling glass and include a balcony.
There will be 5,000-square-feet of retail space on the ground floor and six levels of parking, two of which will be underground. The complex will include a rooftop pool, outdoor dining area, spa, fire pit and garden.
“We’re designing this high rise to provide an outdoor experience in an incredibly urban environment,” said Hansen. “Our demographic for this area – young professionals – has shown a clear desire for that indoor-outdoor connection.”
Hansen also cited the development's proximity to the Red Line and Staples Center, in addition to its location's overall "walkability," as being a draw for future residents.
This is the first development that the Wood Partners have built in Downtown and the first high-rise they have in Los Angeles. They expect to break ground on the project in September of this year and begin leasing apartments in the summer of 2014.
The new complex will be built at 801 S. Hope St.