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LOS ANGELES-Developer Roosevelt Lofts LLC will convert the 80-year-old landmark Downtown office building into 223 condominiums in an $80-million project that will include the first Red and Blue Line transit stations on site at such a development. The developer will convert the 300,000-sf, 16-story Beaux Arts building at the northeast corner of Seventh and Flower streets into residential units including two-level townhouses and penthouses.

The townhouses will range from 800 sf to 2,600 sf and the 17 penthouses, which will measure more than 2,000 sf, will also include patios, according to M. Aaron Yashouafar, CEO of Roosevelt Lofts. The project is being designed by Killefer Flammang Architects of Santa Monica, the firm that designed the conversion of the Pegasus, Pacific Electric and Eastern Columbia buildings and a number of other Downtown L.A. conversions.

The opening of the building is planned early in 2007, with tentative prices starting in the mid-$400,000 range. The Killefer design calls for complementing the traditional features of the historic exterior with contemporary treatments of the common areas and living spaces and introducing other modifications.