A Historic Core property on Broadway is back on the market, reports Urbanize LA.
The five-story Broadway Mall, located at 440 South Broadway, holds three levels of parking over two floors of retail space. It sold just three years ago for $6.3 million to Parallel Acquisitions & Holdings, an investor group that said it planned to redo the building’s facade and bring in new and fewer tenants. They wanted to “get rid of the whole swap-meet feel,” Parallel’s Pouya Abdi told the Los Angeles Times at the time of the sale.
That didn’t pan out, apparently. The building—still looking much the same as it did in 2014, save a fresh coat of paint—is listed on LoopNet for an undisclosed price. The brochure for the property notes that it’s possible to add an additional two floors atop the five-story building. (The brochure also refers the the neighborhood not as the Historic Core but as the laughable “SoBro.”)
The Broadway Mall’s broker, Cushman & Wakefield’s Mike Condon, tells Urbanize, that some bidders have also expressed interest in eventually tearing down the five-story structure and building something much taller in its place.
A taller structure would have company nearby. Right on the corner of Fourth and Broadway, a 34-story tower is in the works. Prominent Downtown developer Izek Shomoff sold the entitled project in 2015, to a Chinese company called SCG America.
- Broadway Parking Structure Likely to See Redevelopment [ULA]
- Take Two for Broadway Tower [Downtown News]