The City of Los Angeles has approved a $135-million development to be constructed near Olvera Street and Union Station, just north of the 101 Freeway between Hill Street and Spring Street. The development will consists of approximately 341 apartments and 55,000 square feet of restaurants, shops and community facilities. 786 parking spaces would be built in subterranean and above-grade parking structures.
Twenty percent of the residential units will designated for affordable housing tenants. Olvera Street merchants hope the project will give a boost to the tourist attraction just north of the Civic Center, in an area which so far has not seen the development boom remaking other downtown neighborhoods.