With modern, vacant commercial space becoming more difficult to nail down in Los Angeles amid a real estate boom, Tribune Real Estate Holdings, which is the owner of the Los Angeles Times building, is looking to update its current digs as opposed to moving into new ones. The company has been vetting partners to help transform the aging downtown building as well as to develop other properties throughout Los Angeles and in Orange County.
The first order of business for the Tribune company will be to improve The Times’ current home located at 1st and Spring streets near City Hall. The 700,000-square-foot complex, which is known as Times Mirror Square, was first constructed in 1934 and The Times is currently one of its largest occupants, taking up just less than half of the space.
Details as to the fate of the building are scarce as of yet, however rumors have been circling that Tribune Media plans to make the complex into a mixed-use development with the construction of multiple new buildings. Another important development related to The Times is a small parcel of land on 2nd Street where an entrance to a new subway line is being considered, making for ample access to the evolving complex.
“The Times Mirror Square master plan promises to deliver a compelling urban project that includes the restoration of important buildings and the construction of complementary new buildings around a new Metro Rail station directly connected to four of the region’s major rail lines,” Murray McQueen, president of Tribune Real Estate, said in a statement reported by the Los Angeles Times.
Times Building Redo Amplifies Evolving Downtown Real Estate
With the transition of historic, long-standing buildings such as those in Times Mirror Square to dense multi-use destination areas, the thesis of the ever-evolving landscape of real estate development in downtown Los Angeles is becoming clearer to area home owners and investors. In a matter of years the skyline of Los Angeles stands to change dramatically as several high-profile and high-standing projects are in the works.
Having previously been hindered by a strict height limit and later by flat roof regulations, developers are now taking advantage of eased building restrictions to reach for the stars both literally and figuratively. One of the most important projects that is currently in progress is the Wilshire Grand hotel and office project. When it is completed, the Wilshire Grand will feature a spire that will make the towering building the tallest west of the Mississippi at 1,100 feet.
In addition to the Wilshire Grand, there are also a number of high-rise projects slated for the South Park area as well as those around the Staples Center. These buildings are set to fulfill a number of different purposes by including ample residential and commercial space making Los Angeles ultimately a more vibrant and exciting community.
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