Ambitious plans have been unveiled for a 3.3-million-square-foot development that would bring a college, hotel, offices and apartments to the fashion district of downtown Los Angeles.
The owners of about three blocks' worth of faded commercial properties hope to build a project valued between $500 million and $1 billion called the City Market of Los Angeles. It would rise in an area that once housed wholesale produce businesses and is now home mostly to garment industry shops and warehouses.
City Market is in early stages of seeking approval for the project from city officials, which could take more than a year. The boundaries of the proposed 10-acre development are roughly San Julian and San Pedro streets between 9th and 12th streets.
As planned by the six property owners led by Peter Fleming, City Market would hold a campus for one or more private colleges, 945 units of new housing, 210 hotel rooms and more than 500,000 square feet of creative offices, stores, restaurants and entertainment uses.