LOS ANGELES-The New York-based Moinian Group plans a two-million-sf, $700-million mixed-use development of condominium towers, retail space and a hotel on a four-acre site near the Staples Center that it has acquired for $80 million. The company acquired the site from AEG, the owner-operator of Staples Center that is controlled by billionaire developer Philip Anschutz.
The development parcel is at the corner of 11th and Figueroa streets, across from the L.A. Live project being developed by AEG. Moinian proposes to build a mix of residential lofts, condominiums, townhouses and luxury penthouse units in two high-rise towers of 45 and 33 stories.
The plan, designed by the architectural firm RTKL, calls for retail development including shops, a gourmet food store, new restaurants and a health and fitness club, along with a boutique hotel. It marks the second recent entry into Downtown L.A. by the Moinian Group, which recently partnered with Henry Shahery to acquire a development site at 808 S. Olive St.
Joseph Moinian, CEO of the Moinian Group, notes that the project design will include "mid-block passages to create much needed pedestrian-only areas." Such pedestrian-oriented design elements are considered by planners and city officials to be one of the keys to the redevelopment now under way in Downtown Los Angeles.
The Moinian venture is one of a number of projects that hope to tie in with L.A. Live, the four-million-sf, $2.5-billion sports and entertainment district that is being developed across from the Staples Center. L.A. Live will feature a 7,100-seat Nokia Theater for live performances, a 1000-room convention hotel and a 14-screen Regal Cineplex along with restaurant, residential and office space.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.