Onni Group, the Canadian developer which has embarked on a skyscraper building spree in South Park, is expanding its reach to the Civic Center.
Last week, the Vancouver-based real estate firm reportedly entered into an agreement to purchase the longtime headquarters of the Los Angeles Times for $120 million. The 750,000-square-foot complex, known as Times Mirror Square, consists of multiple buildings spanning a full city block bounded by Broadway, 1st, 2nd and Spring Streets.
According to the Los Angeles Business Journal, Onni plans to build apartments on the Broadway side of the property, replacing a 1970s addition to the Times Building. The other portions of Times Mirror Square, built in 1935 and 1948, are to be renovated into modern offices with street-level commercial space.
The property has been described as "hole in the donut" of Downtown, sandwiched between Grand Park and an upcoming station on the Regional Connector subway.
It is unclear whether or not the Los Angeles Times will remain as a tenant in the building.
- End of Times? (Los Angeles Business Journal)