Three years ago, real estate firm TRG acquired a century-old apartment building near L.A. Live and announced plans to convert the low-rise structure into micro lofts. With an abundance of high-rise towers now rising on adjacent properties, it seems that the ownership group is now looking to unload the diminuitive building as a potential development site.
According to Guillermo Ma, Managing Director with Concord Real Estate Services, the three-story building at 916 S. Georgia Street will soon be placed on the market for more than $8 million, as an opportunity site for either rehabilitation or redevelopment. This would represent a healthy return over the $3 million that TGR paid in 2013, and is further indication of the rapid transformation that Downtown Los Angeles has undergone within the past several years.
Larger properties have also given way for ambitious multi-tower projects, including the $1-billion Metropolis development on Francisco Street.
City Century, the American affiliate of the Chinese firm Shenlong Group, has announced plans for a similar three-tower complex across Georgia Street.