X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the multifamily market, click here.)

LOS ANGELES-Meruelo Maddux Properties will convert the 137,000-sf former Union Bank & Trust Co. offices to condominiums, apartments and retail space in a $75-million project at the gateway to the Downtown Fashion District. The developer recently acquired the historic office building for $12 million in a sale brokered by Eric Kessler in the downtown Los Angeles office of GVA Daum.Meruelo, whose principals are Richard Meruelo and John Maddux, bought the property from 760 Hill Partners LLC, with Kessler representing both the buyer and the seller. Meruelo Maddux Properties owns approximately 90 properties and 70 acres blanketing an area between the Los Angeles River, the Harbor (110) Freeway and the Hollywood (101) Freeway. The 12-story Union Bank & Trust Co. building, at the northeast corner of 8th and Hill streets, was erected in 1923 and was expanded five years later.Kessler says the project is an example of the type of conversion destined to “bridge the gap between the hipster lofts of the artist district and the opulent lofts being erected in the South Park district.” According to Maddux, the building is entitled for conversion to residential uses based on plans prepared by Killefer, Flammang Architects of Santa Monica. He notes that Killefer, Flammang helped draft the adaptive re-use ordinance for the City of Los Angeles, which facilitates the conversion of older, historic office buildings.Besides the 90 condominium/apartment units designed for the currently vacant building, plans call for a restaurant and retail uses in the ground level space, which formerly served as a bank branch. In addition, the basement includes a large vault that will be converted to a lounge serving the restaurant, Maddux says.The residential units will be created on floors two through 12, ranging from 700 sf to 1,900 sf, with an average of 900 sf. The units are expected to be available in the next 12 to 14 months.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.