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A proposal to demolish a 31,000-square-foot industrial building in Downtown Los Angeles and construct a new mixed-use property in its stead has been approved by the City of L.A., according to Urbanize LA, which cites a notice from the city’s planning department.
Plans for the 11-story project at 1323-1331 South Flower Street, which was proposed nearly five years ago, include a 100-room hotel, 48-unit apartments and 12,676 square feet of commercial space. Architecture firm nKlosures will design the project, currently dubbed The Element, which is less than a block from the Pico Metro station and the L.A. Convention Center.
Private investor Eliot Tishbi is helming the project, according to property records. Tishbi purchased the property in 2003 for a little over $3 million. Tishbi is required to make a $2 million public benefit payment before the development can move forward, according to the notice from the planning department.
The project site for The Element sits across the street from a separate development, also designed by nKlosures. That project was expected to become a 43-room La Quinta Inn but remains unfinished four years after construction commenced, per Urbanize.
The Element is also less than a block away from the recently completed hotel at 1260 South Figueroa Street. Developed by investment firm Lightstone Group, the 37-story, 727-room hotel is dual-branded and split between the Moxy and AC Hotel, both by Marriott.
Nick Trombola can be reached at NTrombola@commercialobserver.com.
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