The Titan Organization Inc. has taken another step towards building its pair of $500 million luxury apartment towers in downtown Los Angeles’ South Park district.

The company, formerly known as Rodmark Inc., has closed escrow on a 58,000-square-foot property at the southeast corner of Grand Avenue and Olympic Boulevard where the Olympic and City House will be built. The towers will be tallest residential buildings on the West Coast when completed.

Titan, a Los Angeles-based high-rise developer, purchased the property from owner Jim Myron for $30 million and hopes to break ground in summer 2007.

The two towers one 60 stories the other 49 will total 800,000 square feet and contain 320 units. The towers will be fashioned in the New Beaux Arts style.

Phillip Sample, Michael Shustak and Chris Caras of Grubb & Ellis Co. represented Titan in the deal.