Los Angeles City Planning Commission has finally approved the construction of what will soon rise as the fourth tallest building in Los Angeles at 1045 South Olive Street. The project proposal includes the construction of a 70-story structure featuring hundreds of residential units, on-site parking, and retail space. The project will move forward after the existing commercial buildings on the project site are demolished.
Miami-based developer, Crescent Heights is going to develop the project. ODA is managing the design concepts and construction.
1045 South Olive Street Skyline via ODA
The skyscraper will feature 794 residential units and 12,504 square feet of retail space on the ground floor. The residences are offered as a mix of studios, one, two, and three-bedroom apartments. A parking space with a capacity of 891 vehicles is also proposed. The tower will sit atop a nine-story parking podium. A pedestrian plaza is also designed at the intersection of 11th and Olive Streets.
The facade will rise to an elevation of 810 feet, making it the fourth tallest building in Los Angeles. The updated plans and renderings reveal a glass exterior.
1045 South Olive Street Entrance via ODA
The Planning Commission sanctioned the proposal after numerous hearings. The developer is required to make an approximately $10.6-million contribution to the citywide affordable housing trust fund, while also setting aside $200,000 for the South Park business improvement district to build a parklet and dog run in the neighborhood. An additional $10.8 million will be invested into on-site improvements, including the proposed ground-level plaza.
1045 South Olive Street Rendering via ODA
The proposed development has been certified as an Environmental Leadership Development Project by the State of California. The timeline for the project completion is estimated to be four years.
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I am happy to learn that the City Council has approved the building. Good move by the council. The building will aide in helping to fill the need for middle class living space in DTLA. I look forward to this beautiful building going up.
I am sorry, that I interrupt you, but it is necessary for me little bit more information.