Mack cuts downtown ambitions in half

Mack Real Estate Group, a New York-based firm, has requested the withdrawal of an entitlement application for a site at 1120 South Olive Street in downtown Los Angeles. The property, currently a surface parking lot, was planned for a 60-story building with 713 residential units, parking, and ground-floor retail. This comes after the firm's development arm, Mack Real Estate Development, received approvals for a 51-story residential high-rise at 1115 South Olive Street, just across the street.

The decision to withdraw the application for the 60-story tower comes just one month after receiving approvals for the neighboring project. This move has left many industry insiders questioning the firm's true intentions and plans for the site.

"It's not uncommon for developers to submit multiple applications for different projects in the same neighborhood, but the timing of this withdrawal seems questionable," said one city official, who wished to remain anonymous.

Some speculate that the firm may be facing financial challenges or a lack of investor interest in the project, while others believe that the firm may be reevaluating its strategy amidst a shifting real estate market in downtown Los Angeles.

One thing is clear: Mack Real Estate Group has significantly scaled back its ambitious plans for the site, and many are left wondering what the future holds for this prime downtown location.

https://therealdeal.com/la/2025/09/18/mack-real-estate-withdraws-high-rise-application/