The Lighstone Group, a New York-based real estate investment firm, is preparing to begin excavation and shoring work for a dual-branded hotel development in Downtown Los Angeles.
The Fig + Pico development, slated for a property directly across the street from the Los Angeles Convention Center, calls for the construction of two high-rise buildings containing more than 1,100 hotel rooms in addition to conference facilities and retail space.
The first of the two buildings, which will rise at the project's namesake intersection of Figueroa Street and Pico Boulevard, will stand 42 stories in height. Plans call for a total of 820 guest rooms within the building, split between the Marriott brands Moxy and AC Hotels.
The second component of the development - a smaller 25-story building - has yet to break ground. That tower is approved to contain up to 300 guest rooms, and will reportedly be a Hilton Garden Inn.
Gensler is designing the Fig + Pico development in coordination with landscape architecture firm AHBE | MIG. Renderings show a pair of contemporary glass-and-steel towers adorned with digital signage, similar to other nearby high-rise projects.
Lightstone has obtained a financial incentive package from the City of Los Angeles, which has offered tax rebates to developers with hotel projects in walking distance of the Convention Center. The City, which has sought to create at least 8,000 guest rooms within walking distance of the facility, could allow Lighstone to retain more than $100 million in tax revenue over a 25-year period.
Other hotel developments in the near vicinity include Oceanwide Plaza, a $1-billion mixed-use complex which is slated to offer condominiums and retail in addition to a Park Hyatt. However, work has come to a standstill at the three-tower development as its owner, the Chinese conglomerate Oceanwide Holdings, has been unable to secure funding to complete construction.
The Los Angeles Convention Center, which is slated for a $500-million expansion, could also see an 850-room expansion of the J.W. Marriott hotel complex courtesy of AEG.
- Fig + Pico (Urbanize LA)