Eight years after selling to a Chinese development firm, a 1980s-era hotel in Downtown Los Angeles is slated for a conversion to residential units, and a skyline-altering tower is set to rise next door.

Earlier today, an application was submitted to the City of Los Angeles to convert the L.A. Grand Hotel Downtown at 333 S. Figueroa Street into 224 apartments. A case filing also indicates plans for the addition of a 77-story tower to the property that will feature a 599-room hotel, 242 condos, 28,705 square feet of commercial space, and 36,674 square feet of hotel amenities.

The existing hotel, completed in 1982, contains 469 guest rooms in addition to a conference facility. It was purchased by developer Shenzhen New World Group in 2010 for an estimated total of $60 million, representing a steep discount from the $115-million price tag paid by its prior owner.

Originally a Sheraton Grand hotel, the property has been rebranded several times over the course of its 36-year life. It operated as a Marriott most recently prior to its current iteration.

The project is one of several high-rise developments filed with the Planning Department in advance of linkage fee implementation. Directly across the street, local developer Jamison Services, Inc. initiated an entitlement application for a proposed 41-story, 570-unit residential tower that would replace a portion of the fortress-like World Trade Center complex.

Shenzhen New World Group, named for its hometown of Shenzhen, also owns the Sheraton Universal Hotel adjacent to Universal Studios.