The Los Angeles City Planning Commission approved and recommended a Development Agreement with NREA-TRC 700, LLC for a 20-year term. The project involves establishing a Sign Supplemental Use District and developing up to 466 residential units in a new high-rise tower at 'The Bloc' mixed-use development. The high-rise will be built within and above an existing nine-story podium building, expanding to 12 stories with new enclosed parking levels. The project adds 470,674 SF of new residential floor area and converts 24,342 SF of existing commercial space to residential uses, totaling 495,016 SF of residential uses. Upon completion, the property will have a total of 1,894,988 SF of floor area. As a public benefit, the developer will contribute $1,600,000 for the City's 7th Street Streetscape Improvement Project, enhancing safety and aesthetics between Figueroa Street and San Pedro Street. Other associated project approvals include a Transfer of Floor Area Rights, Site Plan Review, and a Vesting Tentative Tract Map for condominium airspace lots.