by Eve Bachrach
Call it Costco development: instead of taking one project in time, Downtown developer Barry Shy (of the SB buildings) is building in bulk–he’s got four new residential projects he expects to break ground on next year. Altogether the three new buildings and one adaptive reuse project will nearly double the number of units Shy controls Downtown, bringing the total up to 2,350 apartments. Downtown News has the lowdown on the developments, which should delight those starting to fear for our increasingly stumpy Downtown:
— SB Omega at 601 South Main Street will be a 40-story, 500-unit tower built on a Historic Core parking lot. At one point it was hoped the project would break ground this past spring, but it didn’t.
— The 12-story garment building at 939 South Broadway (just south of the forthcoming Ace Hotel) will be converted into a 150-unit apartment building.
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— There are 250 units planned for the parking lot at Broadway and Olympic–the building will top out at 20 stories along Olympic Boulevard and 13 on Broadway.
— And 250 more units in a 20- or 21-story tower at 916 South Hill Street, which is currently–you guessed it–a parking lot.
That’s three projects planned for north South Park (think that’ll catch on?), which Shy says is Downtown’s next hotspot, thanks in part to its large number of parking lots prime for the picking. And with the planned Broadway streetcar, the hotly-anticipated Ace Hotel, and a whole bunch of new development (Geoff Palmer’s got something going, Onni Group’s building a 32-story tower, and there’s a mid-rise mixed-user from the Hanover Company), the neighborhood’s in for a radical transformation. Shy says he expects to have final plans and permits in the next 8 to 12 months.
via Curbed LA.