August 2, 2016
New York-based Lightstone Group submitted plans to build Fig+Pico, a $450-million, 1,100-room hotel in DTLA. A 40-story and 28-story tower are proposed on a 1.15-acre site across from the Convention Center.
The Gensler-designed property is slated to be a multi-flagged hotel. The development would include a six-level parking structure, 20,000 square feet of retail, restaurants, bars and three pools.
Lightstone expects to start construction in 2017, and is seeking a transient occupancy tax rebate from the city. The company recently opened an office in LA and is in the market for hospitality and residential development sites.
Lightstone’s Mitchell Hochberg says the company sees sufficient demand in DTLA for hotels, which is expected to increase once the Convention Center expansion is completed.
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