Two weeks after Apple announced it would open a new experiential retail location in Downtown Los Angeles, the ripple effect is already starting to be felt in the Broadway District.
The Delijani Family, which owns the building where the Apple store will sit, will now redevelop the historic office building directly behind it into a residential building, Urbanize reported.
Known as the Lane Mortgage Building, the 12-story property at 801 Spring St. will be rebranded as “The Lane Building.” In addition to 109 rental apartments on its upper floors, there will also be ground-floor retail, a bar and landscaped rooftop with dining area.
Some of those units will be as small as 380 square feet in size. That’s almost as small as a “micro-unit,” commonly defined as under 350 square feet in size.
Omnigiving, a Downtown-based architecture firm, is designing the adaptive reuse project. It is scheduled for completion in Spring 2020.
The Delijani family has been a prominent developer in the Broadway district since the 1980s. They own at least four early 20th century theaters in DTLA, including the Los Angeles and Palace theaters.
After three years of rumors, Apple finally announced earlier this month that it would be leasing the 7,500-square-foot Tower Theatre at 802 S. Broadway. The tech giant plans to refurbish and renovate the shuttered theater, which will eventually hold space for classes and events.
The adaptive reuse project is likely the first of many developments and revitalization efforts to follow Apple’s announcement. Real estate brokers say it could also drive up rents in the neighborhood, which has struggled historically. [Urbanize] — Natalie Hoberman