"KOR Group said it would spend an additional $30 million to repair the 270,000-square-foot building and create about 140 condominiums. The units will be completed late next year and priced from the low $300,000s to about $600,000, said Tyson Sayles, senior vice president of acquisitions for Los Angeles-based KOR. A few three-story penthouses would go for around $1 million."
"Clad in terra cotta tile of a color described by The Times in 1930 as 'melting turquoise,' the building designed by Claude Beelman included a spattering of gold leaf and an interplay of horizontal and vertical elements common to the Art Deco style."
"Sieroty, a Polish immigrant, arrived in Los Angeles in the 1890s as a poor teenager. Eventually, he parlayed a $400 investment in a small store on Spring Street into a retail empire that included 29 stores on the West Coast."
The Eastern Columbia Building, a 13-story Art Deco masterpiece built in 1930 by Polish immigrant Adolph Sieroty, is undergoing conversion from office space to residential condominiums. KOR Group purchased the 270,000-square-foot building and adjacent parking lot for $20 million, with plans to invest an additional $30 million in repairs and renovations. The project will create approximately 140 units ranging from $300,000 to $600,000, with select three-story penthouses priced around $1 million. New amenities include a rooftop gym, pool, and cabanas, echoing the luxury features Sieroty originally installed in 1930. The building, designed by Claude Beelman and clad in distinctive turquoise terra cotta tile with gold leaf accents, represents a significant example of downtown Los Angeles's residential development boom.
#art-deco-architecture #downtown-los-angeles-development #residential-conversion #historic-preservation #real-estate-development
Read at Los Angeles Times
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