Just a few months after the reopening of the long-shuttered Los Angeles State Historic Park, there’s more action in the neighborhood: Architecture firm Johnson Fain is selling its headquarters north of Chinatown, The Real Deal reports.
The property comes with entitlements to build a seven-story, 118-unit apartment building with ground-floor retail and office space at the site at 1201 North Broadway. The listing agent, Brad McCarthy of CBRE, told the Real Deal that previously released renderings of the potential project are intended to show what’s possible at the lot.
Johnson Fain has listed their headquarters for an undisclosed price. But the Real Deal notes that a 5,400-square-foot parcel of land up the street that’s zoned for a five-story condo project is asking $2.6 million. Johnson Fain’s property is more than eight times that size, and comes with entitlements, making it even more valuable.
The property sits near the fringes of Chinatown, where development plans are rolling in on the regular. Downtown developer Izek Shomoff is planning a seven-story building at the corner of Spring and Alpine Streets. The century-old Capitol Milling plant near the Chinatown Gold Line station is undergoing restoration so it can be reused as creative offices and restaurants.