The Los Angeles Community Redevelopment Agency has completed negotiations with the owners of the Continental Building to rehabilitate the exterior and interior of the 12-story, 82-year-old structure--the city's first high-rise--at 408 S. Spring St.
In a separate action, the agency has made a $239,000 loan to the owners of the Los Angeles Apparel Mart building to ensure the successful completion of the rehabilitation of that building at 112 West 9th St.
Because of the historical significance of the Continental Building, the agency used the negotiations to secure an easement for the conservation of the facade of the building.
The owners of the Continental Building plan to spend about $4 million to rehabilitate the facade and interior. They will also be able to deduct the easement's value as a charitable donation. Jerry Fine is a principal owner of the building.
The owners of the Apparel Mart building, Los Angeles Apparel Mart Building Ltd., converted it into a garment district-related use and provided ground floor restaurant space. In order to complete the work, CRA's financial assistance was needed.