Recently the Historic Core seems to be wrapping up all gentrification business, dealing with all the buildings that haven't yet been updated and made all pretty for the brunching Downtown hordes. The Downtown News reports that the Title Insurance Building at Fourth and Spring (home to the Groundfloor Cafe) has been snapped up by developer Izek Shomof, who plans to convert it for 250 condos. Shomof redeveloped the Spring Tower Lofts and is heads the group that recently bought a group of old Skid Row hotels. The purchase also includes an adjacent building, where Shomof plans to work with existing leaseholder PNK I Group to open a hotel. Shomof is hoping to be ready for groundbreaking on the condos in just four months. According to the DN, this would be "only the fourth for-sale residential property in the rental-dense Historic Core."
On the hotel front, the property (at 419 S. Spring) has been vacant for nearly five years, but now PNK is "in advanced negotiations to bring a Cambria Suites to the building," with rooms taking a design cue from the "loft aesthetic" of the surrounding HC. However, they still don't have financing to move on the project.
The Title Insurance is 13 stories and originally opened in 1928. It served as home to the Central Library from 1989 to 1993 after the library was damaged by a fire. And it's nicely-placed across the street from the under-construction Spring Street Park.
· Condos and Hotel Planned for Spring Street [Downtown News]