One of Downtown's most sought-after development sites could soon come up for grabs.

Yesterday, a motion submitted by 14th District Councilmember Jose Huizar directs City staff to issue a request for proposals for the potential disposition and development of Bunker Hill Parcel Y-1. The approximately 2.4-acre site, located at the northwest corner of 4th and Hill Streets, sits within walking distance of a number of popular Downtown destinations, including Angel's Flight and Grand Central Market.

The property was originally envisioned as the third tower of the California Plaza development, which went unbuilt due to poor market conditions in the early 1990s. An ongoing glut of traditional office space in the greater Downtown area has prevented all subsequent attempts from moving forward over the past two decades.

Rather than let the site remain fallow, the Community Redevelopment Agency repurposed a significant portion of the tower as a temporary green space known as Angel's Knoll, which was made famous in the film 500 Days of Summer. However, the park has remained closed since 2013, after Governor Jerry Brown dissolved the statewide CRA system.

The property, which generous commercial zoning, sits directly above an entrance to Pershing Square Station. A high-rise apartment tower is planned directly across Hill Street.