Real estate firm Urban Offerings has purchased the historic Norton Building in Downtown Los Angeles, with the intention of redeveloping the property.
The five-story structure, located at 755 S. Los Angeles Street, sits near the border between the Fashion District and the Historic Core. Urban Offerings is partnering with Van Nuys-based investor ESI Ventures to refurbish the upper levels of the building as Class-A creative office space.
According to a presentation submitted to the Downtown Los Angeles Neighborhood Council's Planning and Land Use Committee, the project will create approximately 60,000 square feet of offices and nearly 43,000 square feet of shops and restaurants, which will be distributed between the ground, basement and roof levels. This includes the activation of the building's rooftop with a new penthouse structure and outdoor seating.
Local architecture firm Omgivning is handling design work for the project.
Built in 1914, the Norton Building now finds itself near the epicter of Downtown's Fashion District, which has gradually transformed from a hub for wholesale merchandise to a fledgling residential community.
Real estate lender Calmwater Capital helped finance the deal with a $25.2-million loan.
Urban Offerings, which is also partnering on a high-rise development at 7th Street and Maple Avenue, is scheduled to begin work on the Norton Building this year.