Monday, June 17, 2013

Dated Macy's Plaza to Turn into State-of-the-Art Downtown Shopping Magnet

Downtown LA's 7th Street is becoming the nexus of the area's reinvention, with new Metro Lines converging at the Metro Center Station, the West Coast's tallest building going up at the Figueroa intersection, and Fig at 7th drawing locals and tourists with its new Target and upcoming Zara locations.  So it is not too surprising that new owner Wayne Ratkovich plans a $160 million transformation of the outdated Macy's Plaza into state-of-the-art indoor/outdoor shopping center Bloc, complete with a new subway entrance to the Metro Center station across the intersection.  Renovation should complete by fall 2015.

Hunter Communications Original News Source:
Los Angeles Times

Link to article:
Excerpt: "It was hailed as a crowning achievement for Los Angeles in the early 1970s — an indoor shopping mall that filled an entire downtown block and also boasted a plush hotel and a high-rise office building. For years, tourists flocked to the premier address.

These days, however, Macy’s Plaza has devolved into a dated, downscale relic and gets little love, even at the busy intersection of Seventh and Flower streets.

The mammoth complex can reclaim star status, its new owner said, but only after radical surgery to open its fortress-like exterior, along with several other multimillion-dollar improvements. The moves would reverse discredited 20th century planning theories that called for keeping shoppers contained in sterile malls, safe from unsavory streets.

The dramatic makeover of the 2.4 million-square-foot property is in the hands of Los Angeles developer Wayne Ratkovich, who has made a career of renovating well-known historic properties. He overhauled the former headquarters of aviation titan Howard Hughes near Marina del Rey, as well as the Art Deco-era Wiltern theater and office complex in Koreatown.

'It’s larger than anything we have ever done before,' Ratkovich said of the project, 'and a huge amount of responsibility.' In one of the largest Southern California purchases this year, Ratkovich bought Macy’s Plaza for $241 million and announced plans for a $160-million transformation. The renovation involves removing the mall’s glass atrium roof and ripping out ground-level brick walls to bring stores and restaurants to the adjacent sidewalks."

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