After years of speculation, it seems that the time has finally come: the Los Angeles Times will no longer call its namesake building home.

The paper's new owner, local billionaire Patrick Soon-Schiong, revealed to Times Journalists in a town hall-style meeting Friday that a relocation to El Segundo is in the works.  The Times' longtime home, located at 1st and Spring Streets in the Civic Center, was sold to Vancouver-based real estate developer Onni Group in 2016.  Soon-Schiong told his staff that the paper's management and Onni had been unable to reach a lease agreement, according to staff writer Carolina Miranda via Twitter.

In a subsequent Tweet, Miranda said that the move seems to be an "interim" solution until the Times can identify a permanent home.  The paper's Downtown printing plant at Olympic Boulevard and Alameda Street in the Arts District has been floated as a possible location.

The announcement comes less than one year after the paper's previous owner, Chicago-based Tronc, Inc., nearly closed a deal to relocate to Aon Center - a Financial District high-rise.

With the Times likely on the move, Onni Group's path to a redevelopment has become clearer.  The company submitted plans to the City of Los Angeles in 2016 to restore the historic components of the property along Spring Street and raze a 1970s expansion at Broadway to construct a pair of apartment towers.

The Los Angeles Times Building. Image courtesy of Hunter Kerhart Architectural Photography.

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Small Lot Saturday: Eight Houses in Eagle Rock

The project would replace three existing homes.

Irvine-based developer Calcagnie Group has plans for another small lot subdivision in Northeast Los Angeles, this time on the border between Eagle Rock and Highland Park.

The latest project, located at 6845-6855 N. Figueroa Street, would replace three existing houses with eight new residences.