Lightstone Group has cleared another hurdle as it sets out to build “Fig + Pico,” a large mixed-use project slated across the street from the Los Angeles Convention Center.
The L.A. Planning Commission approved the project, which now heads to the City Council for final approval, CoStar reported.
The New York-based developer wants to build three hotel brands in two buildings. One 38-story tower, located at the corner of South Figueroa and West Pico boulevards, would include 775 rooms and 11,000 square feet of retail and parking. The other 27-story building, located at the corner of Pico and South Flower Street, would have 378 rooms and 2,145 square feet of retail.
Gensler and landscape architect AHBE are designing the project.
As part of the approval process, Lightstone will pay $1 million to the city for neighborhood efforts, such as graffiti removal.
In November, Lightstone paid the city $9.6 million to acquire an 18,800-square-foot, city-owned parcel where it plans to build the complex. The City Council’s Economic Development Committee approved the sale, marking a major step for the project.
The developer first filed plans in August 2016. At the time, a 42-story tower with two Marriott-brand hotels and a 25-story tower with a Hilton Garden Inn Hotel were in the pipeline. Construction was expected to begin late 2017.
Lightstone has not provided many additional details for the projects, and it’s unclear if the Marriott and Hilton brands are still the leading candidates.
The project will add to L.A.’s hotel construction boom. In the next few years, there will be an additional 10,000 rooms coming online, according to a report from Atlas Hospitality Group. Pending approvals, Fig+Pico will join BLVD Hospitality’s citizen boutique hotel, a 66-key project in the Arts District and the Wyndham Hotel & Resorts project planned on Olympic Boulevard. [CoStar] — Natalie Hoberman