Developer Snatches DT Parking Lot

LOS ANGELES—A joint venture between boutique developer Parallel Acquisitions and Holdings and Sunrise Real Estate Group have purchased a five-story parking structure on Broadway in Downtown Los Angeles from Joe’s Auto Parks. The developers plan to build a 37,000-square-foot retail center with onsite parking.

Located at 440 S. Broadway, the site is one of the last remaining development sites in the downtown market. Parallel will develop the site with ground floor retail space and 250 parking stalls on the third, fourth and fifth floors. The property has often been hailed the “ugliest” building in the downtown area, a reputation of which the developers are well aware. They plan to invest significant capital in updating the façade as well as the interior spaces to reveal the building’s full potential.