Way back when angelenic was just a baby, I would occasionally run a segment called Downtown Old vs. New, where I compared today’s run-down historic buildings with how they looked decades ago.

Unfortunately, all of my old posts were lost in a hosting/data-loss nightmare (backups are being handled much more professionally now), and I forgot all about the comparison segment.

It wasn’t until this past weekend when angelenic took notice of the Broadway Exchange Building and its modern metallic facade, that we decided to resurrect Downtown Old vs. New as a weekly segment.

The Broadway Exchange Building located at 219 West 7th Street started out in the early 1900s as the Bank of Italy Building (pictured in 1926, right). Today it is undergoing adaptive reuse into 68 market-rate loft rentals and one commercial condominium on the second floor.

Upon learning that the building was being converted to residential use, we were excited by the prospect that the developers would remove the 1970′s Urban Renewal-era facade and restore the building to its original state.

However, we have learned that the previous owner who oversaw the remodel destroyed the underlying facade by removing historic details, forever preventing a full restoration. Instead a new exterior LED lighting system has been installed, and the metallic facade may be painted.

Though this building was an unfortunate victim in the name of progress, it will soon be receiving new life as residents begin to move in early next year. The news of an updated lighting design is especially interesting.

-Below: A 1917 photograph from the USC Digital Archive showing the Bank of Italy Building. Also of note are two adjacent buildings: Clifton’s Cafeteria, historically known as Boos Brothers Cafeteria; and the Palace Theater which was then the Orpheum Theater.