The Sydell Group, a New York-based developer of lifestyle hotels, has begun converting the Financial District's long vacant Giannini Place into the second location of the boutique NoMad chain.

The 12-story building, located at the intersection of 7th and Olive Streets, first opened in 1923 as the Los Angeles headquarters of the Bank of Italy.  Designed by the architecture firm of Morgan, Walls & Clements, Giannini Place is known for its lavish interior, which includes marble floors and gold ceilings.

Under an adaptive reuse plan created by Santa Monica's Killefer Flammang Architects, the the upper floors of the former office building will become 241 guest rooms, each equipped with custom furnishings and artwork.  Its ground floor will be reactivated with retail and restaurant space, while its rooftop will be repurposed as a pool and event deck.  Other planned amenities include a fitness center and multiple meeting rooms.

Under a previously announced timeline, the conversion of the 93-year-old building is expected to be complete by next year.

The project is the second Downtown development for Sydell, which is also transforming the Commercial Exchange Building at 8th and Olive Streets into a Freehand Hotel.