Another day, another high-rise development linked to Sandstone Properties.
Earlier today, an affiliate of the Westwood-based firm filed an application with the City of Los Angeles to allow for the construction of a mixed-use high-rise development at the corner of Pico Boulevard and Albany Street. Plans call for the construction of a 39-story tower featuring 696 guest rooms above a five-level podium. A project description also indicates plans for nine residential units and a series of food-and-beverage venues.
The approximately 2.59-acre development site is located immediately west of the Harbor Freeway in the Pico Union community, and approximately a half-mile to the main entrance to the Los Angeles Convention Center. 1st District Councilmember Gil Cedillo, who represents the surrounding neighborhood, has introduced a motion which calls for initiating general plan amendment and zone change proceedings to facilitate the proposed hotel.
The proposed 696-room hotel would put the City of Los Angeles closer to its goal of 8,000 hotel rooms within walking distance of the Convention Center by 2020. A recent study found that there are currently 4,637 rooms in operation, with another 717 under construction.
Sandstone purchased the site at Pico and Albany for a reported price of $42 million last year. It is currently improved with a 152,000-square-foot warehouse.