The Los Angeles City Council has approved a $2 billion mixed-use development project that is expected to significantly alter the landscape of downtown Los Angeles, particularly in the area bordering Skid Row. The development, named Fourth & Central, will introduce more than 1,500 new housing units, office spaces, retail, and restaurants to an approximately eight-acre site.
The project aims to transform a corridor where the Arts District meets Skid Row, a neighborhood that is home to one of the nation's largest unsheltered populations, with an estimated 3,800 people sleeping on the streets. The development will replace existing cold storage facilities, parking lots, and warehouses with a 10-building campus.
Fourth & Central is slated to include 1,589 housing units, with 262 designated as affordable units. Additionally, it will feature approximately 400,000 square feet of office space and about 145,748 square feet for restaurants and retail. The tallest structure within the development is projected to be 30 stories high. The plan also incorporates two acres of public green space and parking for 2,426 vehicles.
Los Angeles Cold Storage, the owner of the property, has spent five years navigating city regulations and plan changes to secure approval for the redevelopment. The project is envisioned as a gateway to downtown Los Angeles, aiming to attract residents with denser housing options located near major transit hubs.
"We have literally spent years working on our plan to transform this industrial property into a mixed-use community," Larry Rauch, president of Los Angeles Cold Storage, stated. "To hear our city’s decision-makers agree with our vision for what Downtown Los Angeles can and should be makes today’s major milestone all the more rewarding."
While the approval represents a significant step for the developers, they still need to secure financing. Construction is anticipated to begin within the next two years. This development comes at a time when downtown Los Angeles is seeing a resurgence in redevelopment efforts following challenges faced during the pandemic. Notably, plans were also recently revealed to convert the World Trade Center into a 512-unit affordable housing complex as part of a separate $200 million initiative.
