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Waterbridge JV shops 1M sf DTLA mixed-use complex
The duo, which intended to redevelop property at 801 South Broadway, went hunting for $250M loan in April
Waterbridge Capital and Continental Equities are shopping a 1.1 million-square-foot mixed-use complex in Downtown Los Angeles, a historic property that is vacant and poised for redevelopment.
The Beaux Arts building is located at 801 South Broadway, which takes up half a city block. Commercial Observer first reported on the new listing.
The massive property is entitled for office, retail, restaurant, hotel and residential use, according to CO, citing market materials. Potential plans include a 100- to 186-key hotel that would comprise three floors, a layout designed by the architecture firm Omgivning, according to the report. The building also has 2.75 acres of roof decks and 300 below-grade parking spaces, CO reported.
New York-based Waterbridge and Continental paid $122 million for the building in 2014. The duo had intended to redevelop the 10-story building itself. In April, Waterbridge — led by Joel Schreiber — and Continental went looking for $251 million in bridge financing, which would replace $213 million in financing from Starwood Property Trust that is set to expire this year,
Construction on the 10-story building was completed in 1908, and included additions in 1923 and 1929, according to Omgivning’s website. The firm said it was once the largest department store west of Chicago. [CO] — Sasha Jones