DOWNTOWN LOS ANGELES — Izek Shomof, a veteran developer in the Historic Core known for turning around old buildings, is working on what would be his first ground-up project.
And he’s thinking big.
Shomof is working on a plan for a 22-story high-rise at Fourth Street and Broadway. The developer last week closed escrow on a deal for the site on the southeast corner of the intersection. He declined to disclose what he paid for the property, but said it cost more than $10 million.
The site is currently a one-story retail building with parking on the roof. The rooftop parking has long been used for outdoor movie events and was home to the Devil’s Night Drive-in.
The plans for the site are preliminary and could change, but Shomof is bullish on the residential market in the area. At his three Historic Core apartment complexes — Premiere Towers, Spring Tower and City Lofts — “we have no vacancy,” he said.
At 22 stories, Shomof’s project would be the first Historic Core development that the city would require be built with steel and concrete. Most residential projects in Downtown have involved mid-rise, wood-framed structures.
City code requires developers to switch to steel and concrete for buildings more than 75 feet tall. Most new construction stays below that threshold because wood framed structures are less expensive to build.
Shomof isn’t the only developer planning a Historic Core high-rise. Barry Shy is looking to break ground on a 40-story tower at Sixth and Main streets by the end of the year.
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