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