Residential skyscraper for downtown L.A. mall clears hurdle to city approval [Los Angeles Times (CA)]
Macy's Inc (M)
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Source: Los Angeles Times
The proposed tower would be one of the city's tallest at 53 stories, rising in the center of one the city's densest mixed-use complexes called the Bloc that already has office and hotel towers as well an Alamo Drafthouse cineplex, stores and restaurants. City Planning Commission members last week approved the long-planned addition, which will head to the City Council for a final vote on the proposed 41-story apartment or condominium tower that would be built atop the complex's original 12-story garage. The Bloc is a downtown stalwart dating to the early 1970s, when it opened as an indoor shopping mall that filled an entire downtown block and also boasted a plush hotel and a high-rise office building. For years, tourists flocked to the premier address at 7th and Flower Streets. By 2013 when it was sold, then-Macy's Plaza was a dated, downscale relic that got little love, even though its location near prominent office skyscrapers, hotels and a subway interchange remained one of t
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- Macy's (NYSE:M) was given a new $27.00 price target on by analysts at Jefferies Financial Group Inc..MarketBeat
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