Thanks to reader Patrick Z for pointing out that one of Downtown LA’s long-stalled mixed-use projects at 8th and Hope St in South Park may be getting some new legs soon. LA city permits were filed late last year (12/15/11) with the Dept of Building and Safety for a new, ground-up “22-STORY TYPE I-FR MIXED USED BUILDING OVER 2 LEVEL BASEMENT: 290-UNIT APARTMENT [5TH – 22ND FLOOR], PARKING GARAGE [B1-B2, 1ST-4TH FLOOR], AND RETAIL/OFFICE [1ST FLOOR].”
Originally proposed back in 2006 by developer CIM Group, the project was dubbed “iHope” that would connect seamlessly into the multi-phase $247 million South Village project, which includes the historic Gas Company Lofts and (Ralphs) Market Lofts. The SW parcel at 8th and Hope (currently a surface parking lot) was purchased by developer Wood Partners back in 2008. (Calls and emails to Wood Partners confirming when ground breaking would be were not returned.) Now as the economy slowly recovers, we are starting to see a variety of new projects break ground in Downtown LA, showing a renewed confidence by developers and investors.
This project when completed will be a significant presence and help connect South Park with the Financial District to the north as it pertains to urban aesthetics and pedestrian connectivity. The ground floor will have retail, which will help activate a very barren intersection currently devoid of any retail space whatsoever. This project will hopefully be catalytic enough to spark a renewed interest in rethinking the bunker-like Macy’s Plaza across the street.