The Los Angeles Business Journal reports that the building will house 100,000 square feet of creative office space and ground floor retail. Renovations are expected to begin “soon” and are expected to wrap up in late 2019.
The new owners ESI Ventures and Urban Offerings—both Westside-based companies—also partnered to purchase the Norton Building, which is located just around the block on Los Angeles Street near Eighth Street.
Last year, the duo presented its plans to renovate the five-story building to the Downtown LA Neighborhood Council. Its plan is to turn the structure into creative offices with a ground-floor food hall and a rooftop restaurant. Downtown’s Omgivning will be designing the Norton and Dearden’s reuse projects.
ESI alone bought the parking lot next to Dearden’s. That property “presents another real opportunity for future development,” says a release from ESI. The total cost for all three properties was approximately $134 million, the Journal says.
Correction: An earlier version of this story incorrectly stated the parking lot would be used for parking. It will be developed.
- Three Parcels in Downtown Sell for $134 Million [Los Angeles Business Journal]
- Fashion District getting creative offices in 100-year-old building [Curbed LA]
- Planning Commission signs off on Fashion District’s first high-rise [Curbed LA]