A 58-story mixed-use tower will soon begin construction in Downtown Los Angeles after it was recently approved by the City. Once complete, the project, dubbed Olympic Tower, will replace a gas station at the corner of Figueroa and Olympic Boulevard.
The project is being developed by Los Angeles-based Nemen Development and will include a mix of commercial, retail, hotel and residential space. In total, the tower will hold 65,074 square feet of retail space on the first three levels and 33,498 square feet of office space on six levels, 373 hotel rooms in 17 stories and 374 condominium units in 24 stories.
The property will also feature a variety of amenity spaces, including 10,801 square feet of hotel conference center and ballroom space, and 9,556 square feet of penthouse amenity space. A six-level subterranean parking garage as well as eight levels of above-ground parking also is included in the project plans.
The project is being designed by Monrovia, Calif.-based architecture firm Nardi Associates and would also feature ample amounts of outdoor space, with pedestrian-friendly pathways and seating.
In addition, the building features landscaped elevated atriums at the hotel and residential levels. The building is also designed to emulate a tree, with a mix of real vegetation and digitized landscape and graphic art imagery on the glass exterior of the building.
According to the architecture firm, the project has been designed as a “metaphorical bent salutation” to Los Angeles’ entertainment industry, with LA Live, the Crypto.com Arena and the Nokia Center nearby. The building is also near the historic Figueroa Hotel and near the junction of Interstates 110 and 10.
Currently, the project is developed with a 13,130 square-foot building that contains a carwash and restaurant. The building will be demolished in order for the planned development to take place.
The project was first proposed in 2015, but approval had previously been postponed due to an appeal by UNITE HERE Local 11. The local labor union appealed due to environmental and zoning concerns, but this was later withdrawn. Additionally, the City had to approve a transfer of floor area rights to the developer in order for the project to be cleared.
No official timeline for the project has been announced.
Neither Nemen Development nor Nardi Associates responded to requests for comment.
