Esi Ventures Farshad Asherianurban, Urban Offerings Dean Nucich, and a new rendering of the redevelopment (Credit: Nephew)
A joint venture will start work on its vision to transform a 100-year-old building Downtown into a mixed-use space with offices, restaurants and retail.
Urban Offerings and ESI Ventures are redeveloping the Dearden’s property at 700 S. Main Street, with work expected to start next month, Urbanize reported. Dearden’s furniture had owned the property until the retailer closed all eight of its stores in mid-2017. Urban Offerings and ESI paid $42 million for it, records show.
Dearden’s furniture had been one of Southern California’s oldest retailers, founded in 1909.
The property consists of two adjoining buildings totaling 138,000 square feet on a 1.75-acre lot.
The redevelopment project is one of two the partnership is working on in the Downtown Los Angeles area.
Designed by Omgivning, the work will involve transforming the property’s upper floors to offices. There will also be an additional 20,000 square feet of retail and restaurants on the ground floor, plus a revamped 4,000-square-foot yard. Construction is expected to be completed in a year.
Nearby, Urban and ESI are revamping the Norton Building at 755 South Los Angeles Street. The project is expected to deliver 65,000 square feet of offices, as well as a 27,000-square-foot food hall with eight vendors. [Urbanize] — Natalie Hoberman