Former Los Angeles Department Store Set for Mixed-use Development Conversion
Waterbridge Capital, a New York real estate firm, has purchased former Downtown Los Angeles space known as the Broadway Trade Center, which formerly housed the department store known as May Co. The firm plans on converting the property into a mixed-use development.
The estimated sale price is in the $115 to $130 million range. Waterbridge expressed interest in the building with this area of Downtown experiencing renewed vitality. The former May Co. building is a 1.1 million square-foot property. It sits around Broadway, Hill Street and 8th Street.
The building will likely be used for a mix of offices, a hotel, various retail stores, and either apartments or condominiums. This mix essentially establishes this property as a mixed-use lifestyle center. Potential tenants have yet to be disclosed.
The May Co. logo can still be seen on entrance floors of certain parts of the building, but this is the only remaining sign of this department store, which vacated in 1986. May Co. made additions to the building including a nine-story tower that connects to the original five-story main building. May Co. also added a parking garage located at 9th and Hill streets – one of the nation’s first parking structures when it was opened in 1926.
Source: http://www.latimes.com/business/la-fi-downtown-may-sale-20140412,0,6627247.story