A lack of parking, which had been blocking restoration of the stately old Bank of America Building on the northwest corner of Pine Avenue and First Street, was overcome when the Redevelopment Agency agreed to sublet 150 parking spaces to a partnership headed by Long Beach real estate investor Larry Agajanian.
The partnership bought the 1906 building two years ago and plans to restore it for use as an office building.
Now that the parking issue has been resolved, Agajanian said he will probably be able to arrange financing for the $5-million restoration project within two months and start construction by the end of the year.
The agency leased the 150 spaces from IDM Corp., which is building offices and a parking structure on the three-quarters of a block next to the bank. The agency will sublet the space at its cost, $800,000.