After seven years, City Council has finally granted approvals for a car wash redevelopment project proposed at 949 South Figueroa Street in Downtown, Los Angeles. The project proposal includes the redevelopment of downtown’s most outdated carwash with a high-rise building. City Council approved a master conditional use permit and a transfer of floor area rights agreement for the tower.
Monrovia-based architecture firm Nardi Associates is responsible for the design concepts.
Named Olympic Tower, the project calls for the construction of 65,000 square feet of retail and restaurant space, 33,500 square feet of office space,
and 10,800 square feet of hotel meeting space. The tower will feature 373 hotel rooms and 374 condominiums. The tower will also boast 838 parking stalls on six below-grade levels and an eight-story podium.
Renderings reveal the building facade will rise to a height of 742 feet and offer three amenity decks on the 13th, 56th, and 57th floors.
The approved project will require a $23.2-million payment to acquire excess floor area rights from the City of Los Angeles, half of which is to be made as a cash payment to the Council District 14 public benefits trust fund.
An environmental study conducted for the project indicated that the tower will be built over a 34-month period, although a groundbreaking date has not been announced. The slim glass tower will rise at the northwest corner of Olympic Boulevard and Figueroa Street.