Construction for a seven-story apartment and retail building will commence in Downtown Los Angeles this January. The location of the building is bound by Olive Street, Grand Avenue, Pico Boulevard and 12th Street. The complex will have 640 apartment units above restaurants and shops, and will cost $245 million to build. There are to be 740 parking spaces for bicycles and 595 for cars in the site, as well as an acre of open space, two fitness centers and two swimming pools. High-rises are also in the future for downtown in residential blocks to the east of the Staples Center. Land acquired in this area is set for the development of a $750-million residential complex. Apartment units would start at $2,200 per month. In addition to this complex, Mack Urban, a real estate investment and development company, aims to establish approximately 1,500 apartments. One of the challenges in marketing these units is developing the area in which they are located into one with character, according to architect David Martin of AC Martin Partners.