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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125-Unit Affordable Housing Development Completed in Westlake

LINC Housing Corp. built the $57-million project.

LINC Housing has completed construction of Mosaic Gardens at Westlake, a new affordable housing community located just west of Downtown Los Angeles.

The $57-million development rose from a long-vacant lot at the corner of Beverly Boulevard and Lucas Avenue, and consists of a six-story building featuring 125 one-, two-, and three-bedroom apartments serving the formerly homeless, low-income families, and seniors.  Rents in the building are set between $398 and