The pending sale of the Los Angeles Times complex in Downtown to Canadian developer Onni could lead to huge changes for the prominent complex and propel an equally big transformation of the neighborhood itself. The Los Angeles Business Journal reports that the 750,000-square-foot complex, which includes the Times’ longtime home, could see the demolition of a handful of structures to make way for new residential and retail space.
The changes would come as Metro's regional connector for light rail is constructed one block south, on the other side of Second Street, and as a new park is planned for First Street and Broadway. Together, these projects could have a huge impact on the neighborhood.
As the LABJ explains:
Hopes are high that if the Onni deal closes and it proceeds with the redevelopment, the project would energize a full block in downtown’s Civic Center next to a future light-rail station, at the tip of the reviving Historic Core.
The large-scale renovation of the Times complex would include razing, "a 1970s-era chunk of the building at Broadway and First Street" so that apartments can go up. This segment of the compound was designed by architect William Peirera and has a Bank of America on the ground floor.
The older segment of the complex along Spring Street, the 1935 moderne building and a connecting tower added on in 1948, would be renovated and turned into offices and retail. It’s anticipated a lot of expensive retrofitting and repairs would be required on these older buildings. The Times takes up eight of the floors in the the 10-story tower and two floors of the wing along Spring between First and Second. A rep tells the LABJ that the Times has a longterm lease for its space and is, "very interested in exploring a new arrangement that would ensure an even better, more collaborative workspace."
"A source familiar with the transaction" tells the LABJ that Onni paid $120 million to buy the prominent compound.
- End of Times? [LABJ]
- Prominent LA Times Complex Downtown Could Sell to Developer [Curbed LA]
- Here's the Winning Design for Downtown's Newest Park [Curbed LA]