first look: broadway exchange lofts
This blog has moved to Twitter! Check out my twitter feed for the latest restaurant, retail, and cultural news in the neighborhood.
It’s big and it’s bold, but it is not on anyone’s radar. You wouldn’t know it from the street, but the 70-unit Broadway Exchange Lofts adaptive reuse project is racing toward completion at 7th and Broadway.
Resident leasing and move-ins are expected to begin by the end of the first quarter 2008. However, units on the upper-most floors will be reserved as boutique hotel suites available for short-term guest stays only.
On our tour this weekend, photography was heavily limited until the renovation gets closer to completion, but we have plenty of details to share. A full interior photo tour will be available as soon as we get word from the developer.
Project architect Lucas Rios Giordano of Uruguay has left a modern Latin imprint upon the interior: Historic details and blank walls are enlivened with an adventurous use of bright color and light rarely seen in multifamily buildings in Los Angeles.
Drawing from the Past
The 12-story Broadway Exchange was constructed in 1915 as the Bank of Italy Building. After that company was acquired by Bank of America, the building’s office space sat nearly vacant for years. It’s original facade was destroyed in the 1970s in order to “modernize” the exterior with a metallic shell.
Fortunately, many of the original interior details remain intact and have been restored or repurposed throughout the new residences. Italian marble which once lined the building’s corridors have been recycled as kitchen and bathroom countertops. Historic office entryways, right out of a film noir classic, have been preserved and double as residential entrances or bookshelf nooks in various units.
Ornately gilded architectural details were uncovered beneath drywall surrounding the lobby entrance. Elsewhere, work crews inadvertently revealed an original wrought iron elevator shaft in its reconstruction as a rubbish chute. All of the building’s interior brickwork has been sanded down to remove decades of grime and reveal a fresh surface.
The Lofts, Unexpected Luxury
Units interiors are bright and spacious, with large windows, high entryways, stainless steel appliances, glass bowl sinks, polished concrete floors, jacuzzi tubs, dramatic brick ceilings and Italian cabinetry.
Select lofts have split-level bedrooms, U-shaped floor plans, walk-in closets, half-walls around the bathrooms, and views of the Broadway theaters, 7th Street and/or the Bunker Hill skyline.
The apartments range in size from 800 to 1,500 square feet. Rental rates have yet to be finalized, but since they’re market-rate we can expect between $2.00 to $3.00 per square foot.
Rooftop Madness
The property’s crown jewel is a massive 8,000-square-foot penthouse residence suite which may be rented out as an events space or production location. The suite connects seamlessly with the rooftop area via a glass catwalk and includes ceramic tile floors, a projection screen, bar area, solarium and a private elevator from the lobby.
The rooftop is limited only to penthouse users and boasts a glass-encased Jacuzzi that fits 12 (which will have operable curtains, naturally), enclosed kitchen and sweeping views of the city.
Guests of these events would be able to take advantage of the hotel-style rooms planned for floors 10 and 11.
What About That Lovely Exterior?
The developer has installed an LED lighting system in the window bays and has plans to clean and possibly paint the exterior. Old orange tiles around the window sills of the first and second floors will soon be upgraded to a more elegant glass tile mosaic.
Current ground-floor retail tenants are to remain for the foreseeable future, though more upscale businesses may be considered later.
In the meantime, specs are being worked out for a restaurant/lounge in the building’s basement, and the dingy sub-basement levels may later house a private wine cellar for residents.
-Old vs. New: Broadway Exchange Building
-First Look: Solair Wilshire
-First Look: The Mandel Lofts
7 comments
It would have been a nice touch for the developer to build a new facade in an attempt to recreate the original look. I know that would be costly. But, they do plan to charge market rate.
I think within the next 5 years they will regret making that decision.
I don’t really have a problem with the building exterior as I think they’re doing ok with what they have. It would be difficult to re-build the original facade and frankly, most modern attempt to re-create old architectural styles fail miserably. The LED lighting sounds nice and should provide an interesting modern contrast to the stately old buildings that surround it .
K-Town, I agree completely and was about to make a similar comment. Also, the developer is considering painting the exterior a lighter color - light mint green was thrown out as a possibility. I’m not sure how that would look, but anything is better than the dated brown-gray.
Yeah, the LED lights will look awesome: http://www.angelenic.com/images/broadwayexl.jpg
Many builders focus on the exterior and common area then in turn neglect the interior finish of the units.
Agreed. 1100 Wilshire is a prime example, in my opinion.
The Bank of Italy became the Bank of America. It wasn’t acquired by it.
The building was built by Abraham Haas, a San Fransisco liquor merchant, therefore the building’s actual name is The Haas Building, the Bank of Italy was the first major tenant with a 25 year lease for the corner retail. The office building was heralded as “fireproof”, with a bathroom on each floor, and was wired for phone service. The original facade and windows are still intact on the alley-side and the north/Clifton’s side of the building.