Earlier this year in March, news came that Vancouver-based Onni Group was planning to develop a new 32-story luxury rental-apartment tower (on a surface parking lot) at the intersection of 9th and Olive adjacent to the historic 1926 Coast Savings Building. Plans were to break ground by the summer, but delays are pretty much expected for significant projects of this size. Nevertheless, groundbreaking is expected soon for the new tower, currently named “888 Olive,” as a new construction sign was installed this week to direct drivers to another parking lot around the corner. According to an onsite source, groundbreaking was “supposed to be on December 1, 2012.” So we could see construction fencing and equipment move in by the next week or so.
When completed in 2015, 888 Olive will be a significant boost to the area near 9th/Olive, which is currently surrounded by surface parking lots (aka “dead zones”) and a lack of commercial activity. The project entails 283 units (according to the DT News) and 11,000 square feet of commercial retail space. When the new tower is completed, the intersection will be activated and only a stone’s throw from the future Empire Hotel a block away.