The Los Angeles City Council has approved the $2-billion Fourth & Central mixed-use development plan, among the largest such projects in LA history. Currently occupied by a mix of cold storage facilities, warehouses and parking, the project entails building 1,521 rental and for-sale apartments, 400,000 square feet of office, more than 100,000 square feet of restaurant and retail and two acres of public open space.
“We have literally spent years working on our plan to transform this industrial property into a mixed-use community,” said Larry Rauch, president of Los Angeles Cold Storage, in a statement. “We are big believers in the potential of our city, and that’s why we have chosen to make this substantive investment in its future.” Rauch first proposed the project in 2021 and at one time included a hotel, which has been scrapped.
The development team will next prepare construction drawings and take other steps in anticipation of breaking ground in about two years, reported the Los Angeles Times.
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