Yesterday, the Downtown News reported that Holland Partner Group had recently paid $12.5 million for a parking lot at the intersection of 8th and Spring Streets, with still unrefined plans to build apartments. According to a recent case filling from the Department of City Planning, the Vancouver-based company intends to join the the burgeoning trend of high-rise development in Downtown’s Historic Core.
Plans for the property at 737 South Spring Street call for a 24-story tower, containing 320 apartment units and ground-floor retail uses. The proposed development would result in a larger building than the property currently allows for, and will thus require a transfer of floor area rights from a different site.
A set of promotional renderings, first seen on DTLA Rising, may offer hints about the project’s future. The conceptual design from Chris Dikeakos Architects featured a soaring 34-story tower above a retail and parking podium. The actual project at 737 S. Spring Street calls for a slightly shorter building, albeit with a significantly higher level of residential density.
Although Holland Partner Group is no stranger to Downtown, or the Southern California region, the proposed tower will be their first project located east of the 110 Freeway. The developer is currently building a large residential-retail complex at the corner of 6th and Bixel Streets in City West. Their earlier work includes a 210-unit mixed-use development on Wilshire Boulevard.