Project Rendering
LOS ANGELES-Brookfield Office Properties has started a $40 million renovation of its 330,000-square-foot Seventh and Figueroa retail center on Figueroa Street between Seventh and Eighth streets, a project now known as FIGat7th. The redeveloped center will be anchored by Target, which signed a lease in December for approximately 100,000 square feet.
Construction of the newly named venue will be completed in the fall of 2012 to coincide with Target’s grand opening. Carmen Moch, VP of Target Stores in Los Angeles, said that the Target will be one of the retailer’s first stores nationwide in its new CityTarget format. “CityTargets will be smaller-format stores offering tailored merchandise and fresh grocery items for downtown L.A. residents and workers,” Moch said.
Another View
Among the changes to the Brookfield property, in addition to the Target, will be the introduction of a 500-seat indoor/outdoor dining area called Taste, a new 60-foot-wide stairway descending directly off of Figueroa Street to the second level of the center, and a structural glass canopy showcasing the grand stairway and new retail concourse.
Bert Dezzutti, head of Brookfield’s Southern California operations, says that the company’s investment in the renovation reflects downtown’s emergence as a 24-hour community. He says that Brookfield is in discussions with “high-caliber apparel brands, retailers and restaurateurs” as prospective tenants in the renovated property.
Brookfield Office Properties’ national director of Leasing, Ed Hogan, noted that Downtown Los Angeles is now home to over 60,000 residents who are primarily young, educated urban professionals. In addition, the ever-growing tourism trade, which will exceed 17 million visitors this year, is sparking interest from retailers that want to be Downtown, Hogan said.
Brookfield retained Gensler Los Angeles as the lead architecture firm for the redevelopment of FIGat7th, Turner Construction Co. as general contractor. The leasing agents for the development are Charles Dunn senior managing directors Kevin Dee and Ted Slaught.
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