To be constructed on Hope Street, a half block south of Olympic Boulevard, the development will consist of three 17-story luxury towers, according to Sean Marouf, development manager in the firm. The firm expects to begin construction soon on the new buildings, which will be within walking distance of the Fashion Institute of Merchandising and Design, Hope Park, Staples Center, L.A. Live and many restaurants and clubs downtown. The working name for the development is Hope Lofts.The project will be designed by Santa Monica-based Killefer Flammang Architects, which is the architect for about one-third of the estimated 9,000 multifamily units entitled or under construction Downtown, including a number of conversions of office buildings into condominiums. Plans call for lofts ranging from 1,000 sf to 1,450 sf and a 2,000-sf penthouse with a mezzanine. The units, sitting atop the garage, will start on the fourth level.Each tower will feature different facade materials--one made of glass, one of resin reinforced panels and the third of metal panels, says architect Wade Killefer. The project will include a gym, a pool, spas, saunas, a barbecue area and a game room. More than 5,000 sf of service-oriented commercial space is planned for the first two floors. The new project will rise immediately south of 1000 Hope, another condominium project that Venice Investments is developing and plans to open in the spring of 2005.