Billionaire Nicolas Berggruen now plans restaurant at historic MacArthur Park property

The investor scrapped his previous intention to build an office-exhibition complex there

TRD LOS ANGELES /
Dec.December 28, 2018 12:00 PM
2500 W. 7th Street and Nicolas Berggruen

More than a year after announcing ambitious plans to convert a historic MacArthur Park property into office-and-exhibition space, billionaire investor Nicolas Berggruen seems to have changed his mind.

He now wants to build a restaurant there.

The original mixed-use plan described a salon-type atmosphere for the 20,000-square-foot Westlake Square building at 2500 W. 7th Street. It would include performance space and areas for “scholars and thought leaders” to sit and work, the Los Angeles Times reported in May.

Now, plans filed with the city Department of Building simply call for a “change of use for [a] ground floor restaurant.”

The plans also call for a major “seismic upgrade,” which might be because of the age of building. The Spanish Revival-style property dates back to 1924.

Berggruen had told the Times the project would serve as an outpost of his policy think tank, the Berggruen Institute, whose proposed new campus in West L.A. is still in development.

Representatives of the Berggruen Group did not respond immediately to requests for comment.

MacArthur Park has seen rents rise and development boom in recent years. The median price of a home has jumped from $640,000 to about $1 million. And a big planned project in nearby Westlake, dubbed The Lake on Wilshire, would include a 41-story apartment tower; a 14-story, 220-room hotel; and a five-story culture and performing arts center with an 850-seat theater.


Related Articles

arrow_forward_ios
Scott Laurie, chief executive of Olson Co. and Christopher Thornberg, founding partner of Beacon Economics

How slow can you go? Statewide homebuilders tap brakes on new projects amid rising costs

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

From left: Saeed Nourmand, Michael Nourmand, Grant King and Richard Heyman

Relevant Group sues Nourmand & Associates’ founder, alleging extortion over hotel projects

Centennial founder and CEO Steven Levin with a rendering of the project

Centennial Real Estate approved for sprawling $300M mixed-use village

Apartment complex at 1435 Stanley Avenue and Raintree Partners CEO Jeffrey Allen (Credit: Apartment Finder)

Raintree Partners spends $79M on Glendale multifamily portfolio

LA Mayor Eric Garcetti

Down goes Measure EE: Property tax referendum routed at polls

CIM Group Founders, Shaul Kuba, Richard Ressler, and Avi Shemesh and 4750 Wilshire Boulevard (Credit: Google Maps)

CIM Group lists part of its Miracle Mile office campus

Arman Gabay and The Springs shopping center in Palm Springs, part of the 14-property portfolio

Charles Co. secures $215M refi for retail portfolio

arrow_forward_ios