Beverly Hills-based real estate investment firm Langdon Street Capital has acquired Downtown's 100-year-old Grand Central Market, as well as several adjoining buildings.

The purchase involves the entirety of the property now known as Grand Central Square, which includes the Million Dollar Theatre, a parking structure, and apartments located atop the iconic market.  Langdon has announced plans for cosmetic improvements to the food hall, which is home to a number of popular eateries.

As first reported by the Los Angeles Times, Grand Central Square was previously owned by the Yellin Co., which purchased the multi-building property in the mid-1980s.  The Yellins were responsible for converting the upper floors of the market into residential space, one of the earliest examples of an adaptive reuse project in Downtown.

Grand Central Market has emerged as a destination for so-called foodies in recent years, and the surrounding area is seeing a flood of new development.  Construction kicked off earlier this year for a 34-story apartment tower just a half-block south at the corner of 4th Street and Broadway.  Similar high-rise projects could also rise on properties above the Pershing Square subway station at 4th and Hill Street.

To the north, up to three towers could rise on properties surrounding the historic L.A. Times building.

Grand Central Market interior. Image via Wikimedia Commons.

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Apartments With Retail Planned West of the Grove

Low-rise building would feature 50 apartments over ground-floor commercial uses.

An auto body repair shop and two small commercial buildings located near the Grove could make way for a residential-retail complex.

Earlier today, plans were filed with the City of Los Angeles to construct a mixed-use project at 8000-8014 W. 3rd Street in the Beverly Grove neighborhood.  Plans call for a 50-unit building - including five affordable apartments - with approximately 7,250 square feet of ground-floor commercial space.