Shomof Group shops stake in 25-acre Sears redevelopment project

The firm is looking for a joint venture partner on the sprawling Boyle Heights site

Nov.November 29, 2018 05:00 PM
Izek Shomof founder of the Shomof Group

Developer Izek Shomof’s company is shopping for an investment partner on its 25-acre mixed-use redevelopment project in Boyle Heights, The Real Deal has learned.

Dubbed the Mail Order District, the Shomof Group’s massive property includes the iconic Sears building on Olympic Boulevard. Six other buildings — half of which are entitled — are included in the project. The company’s plans call for more than 2,000 residential units along with a hotel, and along with large office and retail components.

Marketing materials from listing brokerage CBRE reveal the project is split into two separate phases. Jimmy Shomof, a project manager at the Shomof Group, confirmed the firm is looking for a joint venture partner.

Phase 1, which is already entitled, includes the adaptive reuse of the Sears building, a railway-themed retail section and a recreational landscaping project featuring a gathering plaza and walkways.

Phase 2, which has yet to be entitled, proposes new construction of 1,150 residential units, 95,000 square feet of retail and a 120-room hotel. It would be spread out among four different buildings.

Plans for the historic Art Deco tower that used to house Sears’ mail order operation include building 1,030 residential lofts, 200,000 square feet of offices, a food hall, event space, parking and rooftop amenities. The Sears retail store still operating on the ground floor will remain intact.

It remains unclear whether the Sears at the site is among the 142 stores that will shutter as part of the retailer’s bankruptcy proceedings.

Renderings from Omgivning, an architecture and interior design firm based Downtown, show an industrial style with exposed beams and concrete columns.

Shomof Group has a track record of acquiring aging buildings and rehabbing them. The firm, which maintains a large portfolio in DTLA, also owns the Hotel Alexandria and Hayward Apartments on Spring Street. Both were deteriorating at time of purchase, and have since been renovated.

Related Articles

Architect Simon Park and a rendering of the project (Credit: SSPSTUDIO ARCHITECTURE & URBAN DESIGN)

Boyle Heights slated for another mixed-use project

Monica Rodriguez orchestrated the nixing of a residential project set for the Verdugo Hills Golf Course (Credit: Google Maps, Wikipedia)

The threat of fire doomed this Tujunga resi project. Now the developer will sue

6550 South Normandie Avenue (Credit: Google Maps)

Haroni Investments to turn parking lot into new apartments

Council President Herb Wesson and a rendering of District Square

City will draw up “anti-displacement zone” ordinance

Governor Gavin Newsom and Senator Nancy Skinner (Credit: Getty Images and iStock)

Developers rejoice: Newest state law aims to boost housing production

Assemblyman David Chiu and Gov. Gavin Newsom (Credit: Wikipedia and iStock)

California passes landmark rent control law

Ron Galperin and an overview of LA (Credit: iStock)

LA owns thousands of properties, many of them vacant. LA’s controller has an idea to spur development

Bob Halavi and 827 South Grand View Street (Credit: LinkedIn and Google Maps)

This 60-unit resi project would add to MacArthur Park’s growing pipeline