Tribune Media Company, which owns the LA Times, is planning on redeveloping and restoring the newspaper’s recognizable Downtown Los Angeles base, Times Mirror Square, but now it appears that several of the company’s less recognizable properties are on the chopping block (not surprising considering the company’s financial troubles, which recently led to another round of staff buyouts). The printing plant that the Times leases in the southern Arts District, known as the Olympic plant, as well as seven acres of property along Alameda are officially on the market, says BizJournals. Tribune’s definitely hoping to cash in on the hotness of the Arts District, where real estate prices have been shooting up.
The plant would be sold with the condition that the Times stays as a long-term tenant, but the other land along Alameda is “ripe for development,” the president of Tribune Real Estate Holdings says in a press release. He notes that the “Arts District is an incredibly vibrant area and extremely attractive to emerging businesses looking for an exciting and creative environment in which to locate,” and he’s right, especially in this part of the AD, a few blocks away from the coming members-only Soho Warehouse and the mini-boom it’s bringing to the Arts District south of Seventh Street.
In addition to these AD properties, the “north block” of Times Mirror Square in Downtown is also for sale.
· Tribune Media selling large land parcel in downtown Los Angeles [BizJournals]
· Tribune Media Selects Broker to Sell Property in L.A. Arts District [PRN]
· Downtown’s Entire Los Angeles Times Block Getting Restoration and Redevelopment [Curbed LA]
· Mapping the Relentlessly Rising Coolness of LA’s Arts District [Curbed LA]
· How the Future Soho Warehouse is Already Making the Arts District Way More Expensive [Curbed LA]