Downtown LA Parking Lot Seeks $100 Million for Development
For close to a decade, the one-acre Downtown Los Angeles parking lot on 601 South Main St. was supposed to be redeveloped into a residential tower named SB Omega. It seems that the project will remain at a standstill since Barry Shy, the DTLA developer who owns the lot, is seeking to sell the property for $100 million.
The documents for SB Omega were originally submitted to the Downtown Los Angeles Neighborhood Council back in 2010. Developers filed updated plans for the project, designed by David Takacs Architecture, again in 2014.
The project renderings illustrate a 38-story tower for condominiums that would include 452 residential units, 15 additional units for commercial space, and a seven-story podium for parking that can hold up to 858 spaces. The condo tower’s exterior would be made of glass with several tapered balconies.
According to property’s listing agent Rommy Shy, the developer doesn’t want to comment on why he wants to sell. Per Curbed LA, potential buyers have already shown “lots of interest.”
The historic lot currently sits at the heart of DTLA and is run by Joe’s Auto Parks.