Completion of the first phase of the Figueroa Plaza complex at 201 N. Figueroa St. will be observed Tuesday by RCI, an international development firm, and plans have been announced for the second phase of construction.
The $120-million project is the firm's flagship development, and coincident with the formal opening, Raffi Cohen, company president, and his staff moved into Tower I from a Beverly Hills site.
"We expect to break ground for the project's second 16-story twin tower by mid-summer," Cohen said. Figueroa Plaza is situated just west of the Department of Water and Power on 3.1 acres, bounded by Figueroa and Diamond streets and Fremont Avenue.
The project's pentagonal design was created by the firm of Welton Becket & Associates, with landscaping by the SWA Group. The towers total of 303,000 square feet and red granite columns frame the buildings' oversized tinted glass windows.