Wednesday, February 20, 2013

Broadway to Get First Residential High Rise Building

According to the Downtown News, Izek Shomolf is planning to build first residential high rise - 22 stories tall -  on Broadway - or anywhere in Historic Downtown Los Angeles..

Shomof just closed escrow on the single story parking garage/retail building with additional parking on the roof (formerly owned by Dr. Lee) at the SE corner of 4th and Broadway for an amount in excess of ten million dollars and he says he is considering building a residential building on the site.

The property is next to the already converted Judson building which is next to a building local developer Alex Moradi just purchased to convert to lofts.  And, at the opposite end of the block, the Chester Williams loft conversion just opened which would make this project the 4th new residential building - all with ground floor retail - on the block.

Directly behind it on Spring Street  is a parking lot and due south of that are two buildings Shomof originally was purchasing with a partner, who ended up being the sole owner, and the first of those  buildings may become a hotel and the larger one - the old Title Insurance Building - may become up to 200 condominiums.  Then, at the end of that block, is the all creative office building, the Spring Arts Tower, which has The Last Book Store as its primary retail tenant.

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