This is the kind of story we love to hear about real estate. Back in 1980 a man named Robert Bush bought the car wash site at the corner of Figueroa and Olympic in Downtown Los Angeles for $525,000. Cut to just shy of 40 years later and the sales price is….a whopping $25 million.
Mr. Bush sold it to developer Ben Neman who has plans to turn it into a kaleidoscope looking 58 story mixed-use tower with commercial space, office space, hotel rooms and condominiums. There will be six underground levels of parking, floors 1-3 will be commercial, 373 hotel rooms and 374 condos.
Looks pretty cool from the rendering (see attached photo) as the designer Nardi Associates are incorporating greenery, LED lights and photo panels on the exterior. The developer is planning to start construction in 2020 with a completion date in 2023. Interested in investing in this property? Contact Yvonne Neustadter of The Property Lab for more information. Info@ThePropertyLabRE.com.
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