The one-story retail building with rooftop parking at Fourth and Broadway that used to host the Devil's Night Drive-in was bought last week by Downtown developer Izek Shomof. And no, he's not getting into the hipster drive-in movie fad--his plans, though still preliminary, are for a 22-story residential tower, believes Downtown News. Shomof is no stranger to the Historic Core; he owns three residential buildings--Premiere Towers, Spring Tower, and City Lofts--and is developing the nearby Title Insurance Building into condos, but this would be his first new-build project. And at 22 stories it would be one of the rare Historic Core developments tall enough for the city to require it be built with steel and concrete as opposed to wood frames. The other is Barry Shy's 40-story tower at Sixth and Main, which DN says should break ground by the end of the year, incidentally. Both Shy and Shomof have reason to feel bullish about the residential market Downtown--both have recently said they have no vacancies in their existing buildings.
· Developer Planning 22-Story Tower at Fourth and Broadway [Downtown News]