Developer Rick J. Caruso publicly announced plans this week to build a 19-story residential tower on a triangular-shaped property located south of the Beverly Center. The site currently houses the now-closed Loehmann’s department store building.

Caruso Affiliated has proposed 333 La Cienega, a project that would include 154 units within a 19-story building. (photo courtesy of Caruso Affiliated)

The project, known as 333 La Cienega, would be located between 3rd Street and San Vicente and La Cienega boulevards. It would replace the Loehmann’s building with 154 luxury housing units above ground-floor retail space.

The development would be located just north of Caruso’s 8500 Burton Way residential property, which opened in 2012. Caruso also built The Grove, The Americana at Brand in Glendale and numerous other developments in Southern California.

“More than 25 year ago, I built my first-ever retail project at the intersection of La Cienega and San Vicente. Now, we are ready to reinvent this landmark site as 333, that will provide unparalleled luxury lifestyle living featuring best-in-class service and amenities,” Caruso said in a statement. “[The project] also will reflect our decades-long commitment to the surrounding neighborhood through significant streetscape and walkability improvements, including 10,000 square feet of open space anchored by a grand fountain. Together, with 8500 Burton Way across the street, this intersection will truly become the iconic gateway between Los Angeles and Beverly Hills.”

Civic leaders and community representatives said they will be monitoring the project as it moves forward. Many people are optimistic about the changes they believe the project will bring to the neighborhood.

“I have seen some of [the plans], and I am positive about them,” said Harald Hahn, president of the Burton Way Foundation, which represents homeowners in the area. “It’s going to be a top luxury building. All it can do is increase our property values.”

Hahn said he is concerned, however, about traffic and pedestrian safety. He said Caruso and representatives of his company, Caruso Affiliated, have been meeting with the Burton Way Foundation, and have promised to work with the community to create a project that will fit in well with the surrounding neighborhoods.

Los Angeles City Councilman Paul Koretz, 5th District, said he is monitoring the project, which is in the very early stages. He said the original plan was for a residential tower that was approximately 23 to 26 stories tall, but Caruso Affiliated lowered it to 19 stories to make it more compatible with nearby structures.

“I am excited about the general concept,” Koretz said. “I don’t think it would be a bad fit if it works for the community. We want this to work for everybody. If it can, it will be great.”

Cary Brazeman, chair of the Mid-City West Community Council’s (MCWCC) Planning and Land Use Committee (PLUC) and a local resident, said he is cautiously optimistic about the proposal. The PLUC is scheduled to review the project on April 21.

“It is my understanding that there will be a variety of community benefits provided by the project,” Brazeman said. “We look forward to hearing about it.”

Caruso Affiliated is referring to the 333 La Cienega project as a “sister property” to 8500 Burton Way, which is 100 percent leased and has a waiting list. Residents in the new 333 La Cienega project will have access to amenities such as a sky deck pool, fitness center, concierge and valet.

Community benefits include space for a grocer and restaurant/café on the ground level, as well a 10,000-square-foot “park-like” open space with greenery and a fountain.

Brazeman added that the property would need to be re-zoned to accommodate the tower, and to fit in with the Wilshire Community Plan. He said in addition to specifically considering the 333 La Cienega project, the city should update the community plan, which serves as a blueprint for development in the area and hasn’t been updated in nearly 20 years.

“It would require the city to look at development holistically, including potential traffic impacts and other impacts across a whole area, instead of looking at sites individually or piecemeal,” Brazeman said.

Koretz added that he is an advocate for updating community plans, not only for the Wilshire area, but throughout the city. He said the challenge is finding funding for the planning staff necessary to overhaul community plans.

“I think we are in deep need of an update for a number of community plans,” Koretz said. “The big hurdle is the budget. It takes planners to do that.”

The 333 La Cienega Project is currently in the preliminary phases of consideration by the city’s planning department, and an exact timeline has not been established. Caruso hopes to complete the new development by 2017.