Yet Another Iconic Building In Downtown Poised For Makeover
JLL has completed its sale of the historic, 10-story property at 1060 S Broadway downtown for $30M. Bisnow caught up with JLL VP Mike Condon to talk about the project.
The Hoxton, an international lifestyle group, purchased the property, according to Mike, who repped the buyer. The seller was an undisclosed investment group.
The 89k SF property is rich in history. It was originally built in 1922 and was known as the Los Angeles Transit Building. Mike tells us the building's iconic status was a big part of the deal.
“These guys are following the Ace Hotel that is already established as well as the Proper Hotel, which will be coming in soon,” Mike says. "It will be right next to the Herald Examiner, which is going through a massive creative renovation. It’s the next domino to fall for creative space or boutique hotel product in the area.”
While the buyer hasn’t announced the exact plans for the building, which is at the northeast corner of West 11th Street and South Broadway, previous proposals have included a 150-key boutique hotel, Mike says.
Whatever project is developed at the site, it's sure to be advantageous for those who live downtown or seek entertainment options there.
“From a personal standpoint, I live about four blocks away from this building, and downtown LA residents only have a limited amount of cool places to go,” Mike says. “I think the future is to go to the rooftops. This is just going to be yet another great rooftop atmosphere for downtown LA residents to go, so from a personal standpoint, I’m really excited for that.”