The demise of the 99 Cents Only Store chain could result in new housing near the LACMA campus - at least one day.

According to multiple published reports, Bolour Associates has acquired a former 99 Cents Only site at 601-619 S. Fairfax Avenue at a bankruptcy auction for roughly $6 million. Beverly Hills-based Bolour intends to first convert the existing buildings to be used as a gallery, a showroom, or a furniture store, and could later redevelop the site with approximately 120 homes.

“This acquisition on Fairfax Avenue continues Bolour’s engagement and strategic redevelopment in L.A.’s urban core,” said Bolour chief executive officer Mark Bolour in a statement. “We are excited to transform these buildings to commercial uses that align with the area’s creative character and with the demand generated from immediate neighbors such as the Los Angeles County Museum of Art. Longer term, the site provides equally promising opportunities for much-needed multifamily units.”

601-619 S. Fairfax AvenueGoogle Maps

In addition to its location near the LACMA campus and Academy Museum, the site also sits one block to the north of the intersection of Wilshire Boulevard and Fairfax Avenue, where construction is currently underway for a stop on Metro's $9.5-billion extension of the D Line subway. Other sites near the station have recently made way for mixed-use buildings, such as the 20-story apartment tower at the intersection of Wilshire and Crescent Heights Boulevard.

Other upcoming projects tied to Bolour Associates include an adaptive reuse project on Santa Monica Boulevard in Hollywood and a proposed ground-up apartment complex on Sunset Boulevard near Dodger Stadium.

Follow us on social media: 

Twitter / Facebook / LinkedIn / Threads / Instagram