As such, one of the last historic buildings located in Downtown Los Angeles will soon be becoming residential. With more than 100 live /work apartments, the structure will provide some much-needed additional living space in the Downtown Los Angeles area.
Creating More Residential Space
Approximately four years ago, plans were proposed to convert the Historic Core’s Banco Popular building into apartments. Also known as the HW Hellmen Building, the historic building will reportedly be renovated to include 188 live / work apartments. Commercial space will be located beneath the living space at street level, while a bar will be located in the basement. The plans also call for putting two more floors at the top of the historic structure in order to make room for resident amenities, including a pool and a gym, as well as a restaurant.
Exploring the Banco Popular Building
Located at the corner of Fourth and Spring Streets, the Banco Popular building was constructed from 1902 to 1904 on the site of Herman W. Hellman’s one story cottage. Designed by Alfred F. Rosenheim, who also designed the house in Country Club Park that was made famous in the television show American Horror Story, the Beaux-Arts building was originally commissioned by Hermann W. Hellman. A wealthy banker and merchant, Hellman commissioned the six-story building to include incredible details. Among these is a curving marble staircase, a white marble lobby and a stained glass dome that is lit with natural sunlight. Other features include green terra cotta and classical décor with a steel skeleton frame and stained glass. At the time the building was constructed, it was the largest steel frame building in Los Angeles.
Sold in 1976 to the Banco Popular de Puerto Rico following years of decline in the 1960s and 1970s, the Banco Popular invested nearly $4 million in renovating the building. The current redevelopment project is being handled by real estate firm Standard Development. Standard Development’s Allen Gross bought the building in 2012, at which time news began to circulate that the structure would become residential. Architecture firm Omgivning, which is currently working on the massive reboot of the Broadway Trade Center and the conversion of the Case Hotel building to a Proper hotel at Eleventh Street and Broadway, is reportedly completing the renovations. Plans for the Broadway Trade Center involve transforming the space into a hotel with a retail and food hall complex.
The conversion of the Banco Popular building to a residential complex is just one of many examples of how parts of Los Angeles are being redeveloped and repurposed to meet the increased demand for housing. If you are interested in learning more about real estate opportunities in Southern California, contact our team of luxury real estate experts. We specialize in Southern California real estate in the area’s most exclusive communities and neighborhoods.
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(all data current as of 10/19/2017)
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