Many people in LA have probably driven or walked by Olympic and Figueroa, witnessed the hive of activity, and wondered, Why is there a giant car wash in the middle of this? The Downtown News has the answer: the owner, 82 year old Robert Bush, has said no to all the offers sent his way since he opened the car wash in 1980. But now he's ready to cash out for $25 million (smart man). "The price kept escalating and he wasn't in a mood or position to want to sell," broker Rod Delson tells the DN. "It's finally gotten to a point where the land is now far more valuable as an asset to his family than the income from the business." The possible NFL stadium (not to mention LA Live across the street) has made the corner a molten hot property. Delson says he's already talking with potential buyers and most are interested in developing hotels (there are already plans for a double Marriott tower down the street, and possibly a Hampton Inn nearby). The only folks who may miss the car wash--which sits on nearly one acre--are the skateboarders who love its sloping walls, the patrons of the car wash's adjoining restaurant, and the folks who enjoy the unobstructed views of the painted ads on the Hotel Figueroa.
· Buy a Car Wash for $25 Million [DN]