Vancouver's Onni Group Shifts from Glendale Hotel to Twin Apartment Towers

Onni Group's Strategic Shift: From Hotel to Residential Towers in Glendale

Onni Group, a Vancouver-based real estate developer, has made a strategic shift in its plans for a significant property in Downtown Glendale. Initially, the company intended to construct an 852-room hotel. However, they have now decided to build two 36-story apartment buildings instead. This change of plans is set to significantly impact the real estate landscape in Glendale.

Onni Group's New Vision for Glendale

Onni Group, led by Rossano De Cotiis, has revised its original plans for the property located at 601 North Brand Boulevard. The new vision includes the construction of twin towers, housing a total of 858 apartments. This development is set to replace an existing parking lot, marking a significant change in the use of this prime real estate space.

Details of the Proposed Residential Towers

The proposed twin towers will stand at 36 stories each, making them the tallest buildings in Glendale. They will feature one- and two-bedroom apartments, with 5,600 square feet of ground-floor space dedicated to shops and restaurants. An underground parking garage will also be included, accommodating up to 942 cars.

Implications of the Shift to Residential Development

Onni Group's decision to switch from a hotel to residential towers will bring them under the purview of the city's affordable housing standards. As a result, the company will be required to designate 129 apartments as affordable housing for very low-income households. This move also allows Onni to take advantage of a density bonus, permitting them to construct taller buildings than local zoning rules would typically allow.

Onni Group's Track Record and Future Plans

This isn't the first time Onni Group has made such a switch. In the past, the company has added extended-stay hotels to apartment complexes under construction in Long Beach and Hollywood. Onni Group is also among three firms that have recently proposed high-rise buildings for Downtown Glendale. Their future plans include a 60-story apartment tower in Downtown Los Angeles, a 17-story apartment highrise in Hollywood, and a 42-story apartment tower in Mid-Wilshire.

Onni Group's strategic shift from hotel to residential towers in Glendale is a significant development in the real estate industry. It not only changes the landscape of Downtown Glendale but also sets a precedent for other developers considering similar shifts in their plans.

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Discover how Onni Group's strategic shift from a hotel to residential towers in Downtown Glendale is set to impact the real estate landscape. Learn about the details of the proposed development and the implications of this significant change.