Apple on its way to DTLA? Retail tenants at potential site ordered out

The company's long-rumored move to Tower Theatre appears to be in the works

Los Angeles /
Jun.June 26, 2018 09:00 AM
The Tower Theatre in Downtown

The long-rumored Apple takeover of Downtown’s Tower Theatre appears has a new chapter.

The latest? The the property’s landlords sent existing retail tenants notices to vacate, according to the DTLA Rising blog.

Tenants were told to leave the 802 S. Broadway location by the end of the month. That would clear the way for the tech giant to start transforming the property into Downtown’s only Apple Store.

The theater spans 7,650 square feet, according to city records. Apple planned to “encase the entire Tower Theatre in a glass cube,” DTLA Rising reported. Apple’s most famous glass cube location is on Fifth Avenue in New York. 

Rumors of Apple’s Tower Theatre plans have swirled since 2015, but the Cupertino-based company has never confirmed them. Apple Stores can have a significant impact on the health of nearby retail, reports show. Rumors of the Tower Theatre store have been enough to jolt the local real estate market. 

In that Broadway business district, landlords and retail tenants have been hesitant to sign long-term leases. Real estate pros say property owners don’t want to miss out on higher rents they can command near an Apple Store, and tenants don’t want to invest in a location without knowing whether Apple is really arriving.

An Apple Store could also nudge along the Bringing Back Broadway revitalization initiative, which has yet to fully blossom a decade after the City Council launched the effort.  [DTLA Rising] — Dennis Lynch 


Related Articles

arrow_forward_ios
Anaheim Ducks' Henry and Susan Samueli; 2695 E. Katella Avenue (OCVibe, Anaheim Ducks)
Anaheim Ducks owners envision $4B entertainment village
Anaheim Ducks owners envision $4B entertainment village
 30801 South Coast Highway (Montage Hotels, Getty)
Chinese insurer to sell Montage Laguna Beach for $700M
Chinese insurer to sell Montage Laguna Beach for $700M
Charles Company's Mark and Arman Gabay and a rendering of 550 E. Colorado Boulevard in Pasadena (WATG)
195-room hotel planned for Pasadena’s Playhouse District
195-room hotel planned for Pasadena’s Playhouse District
Bardas Investment Group's David Simon with 6311 Romaine Street
Hollywood’s Television Center readies for $600M makeover
Hollywood’s Television Center readies for $600M makeover
Century Plaza project at 2025 Avenue of the Stars and Woodbridge Capital Partners' Michael. Rosenfeld (CoStar)
Stake in the Century Plaza Hotel heads to auction block
Stake in the Century Plaza Hotel heads to auction block
Valley Central at 44400 Valley Central Way in Lancaster (Google Maps, Getty)
Lancaster shopping center trades for $45M
Lancaster shopping center trades for $45M
UCLA chancellor Gene Block; former Marymount California University campus (UCLA, MCU)
UCLA pays $80M for former Marymount California campus
UCLA pays $80M for former Marymount California campus
IDS Real Estate Group’s co-CEOs David Mgrublian and Murad Siam with Irwindale Speedway at 500 Speedway Drive in Irwindale (Irwindale Event Center, IDS Real Estate, Getty)
Irwindale Speedway site to transform into industrial park
Irwindale Speedway site to transform into industrial park
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...