Another downtown monster

We're talking up to 76 stories just north of Pershing Square (that would top the 72-story Library Tower as being the tallest structure in the western half of the U.S.). The hotel-condo combo, dubbed Park Fifth, has been doodled over for more than two decades, but developer David Houk told the Downtown News that most of the approvals are now in place - as is the financing - and a new environmental impact report is being prepared. "Our goal is to start digging in October," said Houk, who began buying up land in the 1970s and 80s.

According to documents Houk has filed with the city, a building entitled for up to 76 stories and housing 750 condominiums would front Hill Street. Another 40-story high-rise at Fifth and Olive is earmarked for a five-star hotel. The 234-room facility would take up the first 15 floors of the smaller tower, with the upper levels devoted to luxury condos with hotel service.

More by Mark Lacter:
American-US Air settlement with DOJ includes small tweak at LAX
Socal housing market going nowhere fast
Amazon keeps pushing for faster L.A. delivery
Another rugged quarter for Tribune Co. papers
How does Stanford compete with the big boys?
Those awful infographics that promise to explain and only distort
Best to low-ball today's employment report
Further fallout from airport shootings
Crazy opening for Twitter*
Should Twitter be valued at $18 billion?
Recent stories:
Siri versus Hawaiian pidgin (video)
Letter from Down Under: Welcome to the Homogenocene
One last Florida photo
Signs of Saturday: No refund
'I Am Woman,' hear them roar

New at LA Observed
On the Media Page
Go to Media

On the Politics Page
Go to Politics
Arts and culture

Sign up for daily email from LA Observed

Enter your email address:

Delivered by FeedBurner

Mark Lacter
Mark Lacter created the LA Biz Observed blog in 2006. He posted until the day before his death on Nov. 13, 2013.
Mark Lacter, business writer and editor was 59
The multi-talented Mark Lacter
LA Observed on Twitter and Facebook