Earlier this year, many Downtown stakeholders were elated to discover that the Sydell Group, a New York-based developer of lifestyle hotels, had purchased the former Los Angeles headquarters of the Bank of Italy for $39 million.  The vacant 12-story edifice - commonly known as Giannini Place - has remained in a state of disrepair for years, despite its location in the midst of the resurgent 7th Street corridor.

Now, details have emerged about Sydell's plan to convert the 1923 building into the second location of the NoMad Hotel chain.

According to an upcoming presentation to the Downtown Los Angeles Neighborhood Council's Planning and Land Use Committee, the proposed NoMad Los Angeles will include 241 guest rooms with custom-designed furnishings and original artwork.  Hotel guests will have access to a rooftop pool and event deck with panoramic views of the city.

The building's ground level will feature multiple food and beverage venues, in addition to an approximately 1,000-square-foot retail stall fronting Olive Street.  Each venue will take advantage of Giannini Place's high ceilings which are adorned with historic detailing.

The hotel will also include a large fitness center, multiple meeting rooms and large outdoor seating areas.

The adaptive reuse project is being designed by Killefer Flammang Architects, a Santa Monica-based firm which has handled a number of historic conversions in Downtown Los Angeles.  Their work builds upon that of Morgan, Walls & Clements, the acclaimed Los Angeles architecture firm which designed the mid-rise structure at 649 S. Olive Street over 90 years ago.

NoMad is the second Downtown venture for the Sydell Group, which is currently in the process of converting the 1924 Commercial Exchange Building one block south at 8th and Olive Streets into a 200-room Freehand Hotel.  Completion of the Freehand is anticipated sometime during 2016, with the NoMad expected to follow roughly one year later.

Other major projects located nearby within the Financial District include the $180 million Bloc development, which is retooling the fortress-like Macy's Plaza into an open-air shopping complex anchored by a Sheraton Hotel and an office tower.  Further west at Figueroa Street, the 73-story Wilshire Grand continues its 1,100-foot climb towards the title of "Tallest Building West of the Mississippi River."