A new Canadian player is coming to town. Bonnis Properties, a Vancouver-based company, has completed the acquisition of the historic Foreman & Clark building at 7th and Hill in Los Angeles for a mind-boggling $52 million! (Which comes to $353 a square foot.)
In June of 2014, it was announced that one of the most prominent buildings in the shrinking Jewelry District, the 13-story Foreman & Clark, was destined for a residential conversion. Many plans were submitted to the city of Los Angeles, including plans for 165 live-work lofts, two restaurants, and a bar.
All of these fell through, and the beautiful Art Deco has sat vacant for the last several decades in the dilapidated Jewelry District. The initial statement coming out of the Bonnis Properties intends to pursue original plans to restore and convert the building into residential units with restaurants and retail on the ground floor—instead of pursuing the hotel route.
This is relatively good news for those of us who want to see the Jewelry District continue to shrink and be replaced by high-quality developments that not only help clean up the seedy environment but also, bring in new exciting retailers and restaurants that will provide a good atmosphere during both day and nighttime hours. This will help reconnect the Historical Core with South Park and the Financial District.
These renovations will likely rebuild an entire district, so imagine what a renovation to your commercial building will do to your business? Renovate your property with our construction services from Parkwest General Contractors. Contact us to build your business.
