The first residential component of a long-delayed downtown Los Angeles development has been approved by redevelopment officials. The development is seen as a key step towards the ongoing revitalization of downtown.
The approval came as a the Los Angeles Community Redevelopment agency voted to endorse the design of a 19-story apartment building. The building is slated to have ground-floor shopping and is adjacent to the future site of a museum for artwork from philanthropist Eli Broad's collection.
A separate panel of city and county officials must still approve the apartment building, which would be constructed as part of the planned $3 billion development proposal known as the Grand Avenue Project.
When plans for that project were approved about six years ago, developer Related Cos. had hoped to break ground as early as 2007, but the financial downturn has held it up.