The Million Dollar Theatre, a Historic Core gem that has been used off and on for special events, will enter a new and more glamorous stage in its life. The Downtown News reports that a fashion startup called CoBird has signed a lease to use the property—the theater and “its adjacent commercial spaces”—as creative office and retail space.
The startup’s exact plans for the theater aren’t detailed in the News article. Previously, the theater was opened sporadically for events such as the LA Conservancy’s Last Remaining Seats program, but was mostly closed to the public.
The News notes that many of the Broadway-fronting retail spots near the theater have been vacant for a while, but this will likely change that. CoBird’s five-year lease is for just over 56,000 square feet of space.
The lease comes after the news that the Million Dollar Theatre, Grand Central Market, Grand Central Square Apartments, and Grand Central Parking Structure were all sold to Langdon Street Capital, for an undisclosed price.
The News says that CoBird’s lease was arranged with the previous owners, the Yellin Company, before it sold the suite of properties.
The Million Dollar Theatre opened in 1918. It was Sid Grauman’s first LA theater; he went on to build the Egyptian and Chinese theaters. The theater sits in a 12-story Churrigueresque-style building designed by architect AC Martin Sr.
- Fashion Retailer to Take Over Million Dollar Theatre [Downtown News]
- Grand Central Market sold, new owner plans a facelift [Curbed LA]