Big Development Next to Pershing Square Finally Breaking Ground This Spring

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Phase two of the project was supposed to involve a 24-story tower that would sprout from the corner of Fifth and Olive Streets. Both buildings were designed by Ankrom Moisan Architects, and would have together contained about 660 apartments. (It was a big departure from the ambitious, 76-story tower proposed way back in 2007, but by then the whole development had become a prime example of recession-stalled dreams.) However, as ULA notes, any mention of that tower was “Conspicuously absent” from the construction announcement. Guess we’ll just have to wait and see.

As for the shorter, seven-story structure that’s getting started this spring, it will hold 313 apartments and have 7,000 square feet of space for retail just a block away from the bustling Grand Central Market and across from the long-awaited Hotel Clark project, which is due to become a boutique, Argentina-based inn. The mixed-use structure is expected to take 28 to finish, meaning it could be ready for business by the middle of 2018.

· Park Fifth Scheduled for April Groundbreaking [ULA]

· New Look For Big Park Fifth Mixed-User by Pershing Square [Curbed LA]

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