Mart South, a fully-entitled adaptive reuse site in downtown Los Angeles, is on the market giving potential buyers the chance to convert the property into a 149-unit hotel. According to an offering memorandum by Cushman & Wakefield, the property is fully entitled with a 79,300 square-foot hotel with ground floor commercial and retail space.
Located at 124 E. Olympic Boulevard, the six-story commercial office building is listed for an undisclosed amount and is currently the property of Jamison Services, a Los Angeles-based development company. The company initially filed for entitlements in late 2018, several years before placing the property on the market.
Now up for sale, the Mart South Hotel project would convert the building into a seven-story hotel with 24 onsite parking spaces in a one-level subterranean lot. On the top six floors, the project includes 15 room types ranging in size from 235 square feet to 285 square feet. Additionally penthouse suites, with direct access to the planned rooftop pool would range from 308 to 724 square feet.
On the ground floor level, the project includes two restaurants, bar space and a coffee shop, with additional bar and restaurant space located on the rooftop pool deck.
The property is located in Downtown Los Angeles, between both the Fashion District and South Park. Located in a prime retail location, the property is across from the California Market Center and in close proximity to an array of shopping, including the Fashion District LA Shopping Mall, The Santee Alley, California Flower Market and Garment District, among many others.
Overall, Downtown Los Angeles has grown significantly over the past several years, with the City of Los Angeles reporting a 42.6 percent increase since the 1970s and an estimated 8.15 percent growth over the next decade. With a population of more than 3.9 million and continued growth in tourism, the location makes for a potentially valuable asset, according to the offering memorandum
“Downtown LA has been experiencing a resurgence of population and economic growth and has become a place to live, work and play. This renaissance positions Mart South to have tremendous appeal to both commercial and leisure travelers, benefiting from its proximity to a wide array of nearby demand generators,” the offering memorandum states.
Cushman & Wakefield did not respond in time to comment on this story.
