Transfer of Floor Area Rights Approved for 466-Unit Residential Tower and Mixed-Use Development at The Bloc

• When: 2025/04/10
• Address: 700 South Flower Street
• Address: 700 West 7th Street, and 711 South Hope Street
• City: Los Angeles
• State: CA
• Category: Economic Development Incentives
• Subcategory: Tax Increment Financing
• Asset Class: Mixed-Use
• Property Type: Condominiums, Urban Office, Hospitality, Retail
• Size (SF): 1,894,988 SF
• Size (AC): 4.3 AC
• Size (Units): 466 Units
• Size (Dollars): $16,792,316
• Planning Department: True

The Los Angeles City Planning Commission approved the Transfer of Floor Area Rights (TFAR) for a mixed-use development at The Bloc. The project entails adding a 41-story residential tower with up to 466 condominium units above an existing nine-story podium building. The existing mixed-use development includes a 26-story hotel, a 33-story office building, and commercial uses. The approval involves transferring 470,674 square feet of floor area from the Los Angeles Convention Center to the project site, resulting in a total floor area of 1,894,988 square feet across a 4.3-acre site, with a maximum height of 710 feet. This decision also included a Site Plan Review for the increase of dwelling units and a Public Benefit Payment of $16,792,316, of which $8,396,158 is allocated to the CD 14 Public Benefits Trust Fund for Affordable Housing. The Commission voted 6-0 to approve the project.

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