A planned $146 million mixed use project in Chinatown has gotten a boost from the Los Angeles City Council, which has earmarked it $36 million in subsidies.
The money which comes from redevelopment, housing and other sources will allow the Blossom Plaza project break ground in the first quarter of 2008, with a planned opening in 2010.
The development at 900 N. Broadway will include two residential towers with 169 condo units over 40,000 square feet of retail and commercial space, a 344-space parking garage and 18,000-square-feet of landscaping.
The project by Bond Cos., a Santa Monica-based real estate firm, is being constructed near a Metro Gold Line station with the expectation it will spur neighborhood economic development.
"It will be catalytic project, especially because it will be linking the Chinatown light rail station to the commercial core area. Other developments were waiting to see if this project was going to happen," said Bibiana Yung, an assistant project manager with the Los Angeles Community Redevelopment Agency.
The Council took its action on Wednesday.
For reprint and licensing requests for this article, CLICK HERE.