According to multiple published reports, Jamison Services, Inc. has secured a $195-million loan for the adaptive reuse of the 33-story office tower at 1055 W. 7th Street - once home to the corporate headquarters of ARCO. Jamison will convert the interior of the 620,000-square-foot building into 686 residential units.
A 2023 filing with the Department of City Planning indicates that the project will include a mix of studio, one-, two-, and three-bedroom apartments, ranging from 538 to 1,304 square feet in size, as well as nearly 48,000 square feet of amenities such as theaters, fitness rooms, lounges, and business centers. Parking will be provided within an existing garage with space for more than 1,100 vehicles.
Street-level view of 1055 7th StreetWikimedia Commons
The tower, which was designed by Gin Wong Associates, is to retain its original stone veneer facade, although inset balconies would replace some windows along its exterior.
Simultaneously faced with a glut of vacant commercial space and a shortage of housing, Los Angeles planners have looked to kill two birds with one stone by encouraging the conversion of existing buildings into new condominiums and apartments through its citywide adaptive reuse ordinance.
Jamison Services has spent the past decade converting some of its office towers along the Wilshire corridor into housing, with multiple projects currently under construction in the Koreatown neighborhood.
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- Westlake (Urbanize LA)
