Home News Mitsui Fudosan aims for 2024 groundbreaking at 8th Grand & Hope

Mitsui Fudosan aims for 2024 groundbreaking at 8th Grand & Hope

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early this month, Mitsui Fudosan America celebrated the completion of the vertical structure of 42-story residential skyscraper at the corner of 8th Street and Figueroa Street. Presentation to the Planning and Land Use Committee of the Downtown Los Angeles District Council A new view and updated timeline of the developer’s next tower is revealed, going up one block east.

View of the proposed tower looking northeast from 8th and HopeGensler

The project has been submitted to the Planning Department for 2017 qualification and will replace a parking lot and a small garage along the north side of 8th Avenue between Grand Avenue and Hope Street. Plans call for the construction of his 50-story building with 580 residential units with over 7,499 square feet of commercial space on the first floor and parking for 636 vehicles. The plans are a mix of studio, one, two and three bedroom residences, all of which will include balconies.

Gensler Taking design cues from LA’s mid-century modern homes, he designs a tower called 8th Grand & Hope from the street front. The building gradually recedes in mass from Hope Street on the upper level, creating a series of amenity decks for residents and giving the tower a distinctive profile. The plan calls for exteriors of glass, concrete, aluminum, and stone.

Residential homes line the entire Grand Avenue side of the building, while above-ground parking, shielded by landscaping, is located along the west side of the property facing Hope. However, the garage floor was designed without a ramp, with the potential to convert that space into an additional 189 residential units in the future.

South view of Grand AvenueGensler

According to economic impact studies cited in the presentation, the eighth Grand & Hope development will directly or indirectly create 5,575 local jobs, $522 million in labor income and $722 million in economic output. expected to produce.

Construction of the project is subject to approval by both the Los Angeles City Planning Commission and the Los Angeles City Council.The two events could occur in early 2023.If the project sticks to its schedule, construction of the tower will be It could start as early as 2024, and is expected to be completed in 2027.

Mitsui Fudosan America, a subsidiary of Japanese conglomerate Mitsui Fudosan, isn’t the only developer looking to build a skyscraper on Eighth Avenue. National Real Estate Advisors, just across Hope Street, A project to build a high-rise tower with 466 apartments above the block’s huge parking lot.

Aerial view of the 8th Tower, Grand Tower and Hope Tower looking north from above 12th Avenue and Grand AvenueGensler

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