Back in 2014, the owners of Downtown Los Angeles's Olympic Theatre put the old theater up for rent hoping to attract a retail tenant with "a unique identity and brand," a la Urban Outfitters (which set up shop about a block away in the renovated Rialto Theatre). Now, reports broker/blogger Brigham Yen, the vacancy in the 9,835-square-foot space is set to be filled by the designy H&M offshoot brand COS. (Yen was the listing agent for the property, and, therefore, a pretty reliable source.)
The 1927 theater, dubbed the Olympic in honor of the 1932 Games, was most recently occupied by a lighting fixture shop. Pretty much the only original feature that remains intact is the vertical sign outside the store, says Yen, adding that "most of the historic detailing inside has not survived the decades of decay and different ownership alterations."
COS plans to drop "a substantial amount of money" on restoring and renovating the space (no specific amount has been named yet), including relighting that fantastic Olympic sign. The Downtown COS is expected to open in about a year. The theater's location on Eighth Street between Hill and Broadway positions it in what could be a new DTLA hotspot— just across the street from the under-renovation Broadway Trade Center, set to become a huge collection of shops, a hotel, a food hall, and more, all with a rooftop pool and park.