The $6.8-million deal would encompass the Main Street Garage - a five-story, 647-space structure at 555 S. Main Street - as well as two adjoining surface lots and approximately 3,800 square feet of retail space. The garage was built in 1992 by Broadway Spring Center - a general partnership between System Property Development Company, Silberman Enterprises, and L&R Auto Parks - that also built an eponymous parking and retail complex located near Grand Central Market.
As part of the proposed agreement, which is still subject to the approval of CRA/LA's governing board, approximately 130,000 square feet of air rights currently assigned to the Broadway Spring parking structure would be transferred to the Main Street site.
Plans for the two parking lots have not been announced, although each comes associated with its own air rights.
The Main Street Garage sits across the street from the Topaz Apartments, a multifamily residential development with ground-floor retail space that is now nearing completion.
Opposite 6th Street, developer Barry Shy has proposed constructing a 38-story mixed-use tower on another surface parking lot.
- Historic Core Archive (Urbanize LA)