Initial plans for the 2.6-acre property, adjacent to the LA Live complex, include approximately 650 residential units, 250 hotel rooms and 80,000 square feet of commercial space contained within a trio of high-rise towers.

Phase one of the development would consist of two buildings: a 32-story, 446-foot tower at the corner of 11th and Flower and a 32-story, 374-foot hotel tower at the corner of 11th and Figueroa.

Phase two would demolish the existing Luxe Hotel and build a 42-story, 562-foot residential tower at Olympic Boulevard and Figueroa Street.

The completed 1020 Figueroa development has been budgeted at $700 million with an estimated completion date set for Year 2020.