Downtown LA parking lot seeking $100 million

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In the market for a parking lot? Here’s one conveniently located in the heart of Downtown LA’s historic core asking a meager $100 million.

For years, the one-acre lot, located at 601 South Main Street, has been owned by a limited liability corporation affiliated with Downtown developer Barry Shy. Since at least 2010, plans have been in the works to redevelop the lot (currently operated by Joe’s Auto Parks) into a tall residential tower called SB Omega.

In 2014, revised plans for the project were filed with the city. They call for a 38-story condo tower with 452 residential units. An additional 15 units would add 21,514 square feet of commercial space to the project. A seven-story parking podium with a single level of underground parking would include spaces for 858 vehicles.

Renderings for the project included in plans presented to the Downtown Los Angeles Neighborhood Council show that the blocky tower, designed by David Takacs Architecture, would have a glassy exterior accentuated with offset balconies.

Rendering of tall tower
A rendering of the SB Omega project
Via Downtown Los Angeles Neighborhood Council

Now, of course, it seems that Shy plans to hand off the project’s realization to another party. Listing agent Rommy Shy wouldn’t comment on why the developer appears ready to walk away from the project after all these years, but tells Curbed there’s already been “lots of interest” from prospective buyers.

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