The historic Arcade Building in downtown Los Angeles will be converted into 142 loft-style apartments as part of a $15-million renovation to the mixed-use complex, according to property owner Fifth Street Funding Inc.
The 195,000-square-foot structure features two towers and a cavernous interior arcade that stretches from Spring Street to Broadway.
The Spanish Revival Renaissance-styled arcade, designed by architects Kenneth MacDonald and Maurice Couchot, was modeled on the Burlington Arcade in London. The complex opened in 1924 as the Mercantile Arcade Building.
The renovation is slated to begin at the end of this year and is scheduled to be completed in the fall of 2003.
Designer Wade Killefer of Killefer Flammang Architects, which is involved in several downtown loft conversions, will be the project's executive architect.
Each floor of the Arcade Building will have six apartments with one or two bedrooms. Some of the units will overlook the retail arcade.
In addition to new apartments on the upper floors, the ground-floor retail portion of the Arcade Building will undergo extensive renovation.