…An Orange County developer is proposing one of the most ambitious developments of the current real estate boom in downtown Los Angeles — a massive mixed-use complex with twin towers soaring 58 stories that would dramatically remake the largely low-rise Arts District.
It would essentially add an entire new community on the edges of the Arts District, a neighborhood near the Los Angeles River that has been transformed from a gritty outpost, to an artistic hub, to an increasingly ritzy area that’s one of the hottest real estate markets in the country.
“Three words, in my opinion: It’s exciting; it’s bold; it’s innovative,” said Carol Schatz, president of the Central City Assn. business group, noting it could encourage more towers along an Alameda corridor dominated by warehouses.
The towers will probably face opposition by community members worried that it will change the neighborhood’s character.
SunCal is proposing 1,736 residences, two hotels, shops and creative offices and a school on a lot now the site of two warehouses. About 430 of the residences would be condos, the rest apartments. There would also be 23,000 square feet of “art opportunity space” and two “major urban parks.”
SunCal purchased the 14.5-acre property for $130 million in March of last year….