Trammell Crow Residential has closed a deal to purchase a high-profile property in the up-and-coming downtown Los Angeles neighborhood, years after first proposing a major apartment complex in South Park.
An entity related to the company purchased the 3-acre lot at 850 South Hill Street for $26.2 million in late March, according to property records. The seller is Coast Prime Investments of Sherman Oaks.
Trammell Crow Residential, the development arm of the Dallas-based commercial giant, has had its eye on the site since at least 2014, an existing surface parking lot on the corner of 9th Street and Hill for a large apartment complex , when it sign a long-term lease. Early plans for the complex, dubbed “Alexan,” called for a 26-story apartment tower with 305 luxury units and 7,000 square feet of ground-floor retail space, some estimate Pointing to completion in 2018 Suitable for stylish new high-rise buildings.
But by 2015, the project sparked a local development battle, drawing opposition from a community group in downtown Los Angeles calling itself the Downtown Los Angeles Preservation Society, Downtown Los Angeles news coverageOpponents of the project that refuses to be labeled NIMBY object to Alexan’s height because it would loom over other buildings in downtown Los Angeles’ historic core, including the Art Deco East Columbia building on South Broadway.
“I’m a big believer in protecting the area,” the group’s board member Bill Cooper told Downtown News at the time. “There are already projects to desalinate the area.”
The project won in 2017 after the City Planning and Land Use Management Board rejected the group’s appeal.
But Trammell Crow Residential still hasn’t been fully approved: The 26-story plan “is still being cleaned up with the city plan,” a department representative wrote in an email.
A representative for Crow Holdings, the parent company of Trammell Crow Residential, did not respond to a request for comment. Last July, The company is approved Another project in Arcadia called “The Alexan”.
