Plans Could Bring Two Restaurants to Standard Oil Building
Rich Alossi
[Flickr]
The rooftop of the Standard Oil Building will become a dining and lounge space if the building's owners are able to find the right operator.
DOWNTOWN LOS ANGELES — If the owners of the Standard Oil Building have their way, two new restaurants would join the corner of Olympic Boulevard and Hope Street. The building, built in 1924, has long housed small professional offices, nonprofits and fashion tenants, including a FIDM design studio.
According to Standard Oil Investment Group's Steven Bohbot, nearly $3 million in improvements were undertaken for the project, which provides the infrastructure necessary for restaurant operators to take over and do a custom build-out. Currently, operators are being sought for a high-end supper club or steakhouse in the basement of the building as well as a themed rooftop dining and lounge space.
A lengthy construction process started in 2007 after the building received some early interest from Beverly Hills restaurant Crustacean. The restaurant group bowed out in the midst of the recession.
The ninth floor, which previously housed dusty mechanical equipment and not much else, is now brightly lit and home to several executive offices and modern restrooms. Stairs lead to the 9,000-square-foot rooftop space, which provides unencumbered views of the Staples Center, the Financial District skyline and the building's Italianate rooftop elevator housing. Bohbot explains that a split-level restaurant/lounge could make the most of those views by keeping the dining area on the rooftop with the kitchen below.
The clock is ticking on the building's hunt to find tenants. The entitlements, obtained in early August, need to be put to use within a year or will have to be extended, potentially adding to the time it would take a restaurant to open. Downtowners looking to draw comparisons to the Standard Hotel rooftop lounge may have to wait a while before sipping those mojitos.
The Standard Oil Building / 605 W. Olympic / thestandardoil.com
Downtown Cowboy on September 03, 2010, at 10:12AM – #1
GREAT idea! It's a beautiful old building and a terrific location. I'd love to see it happen there.
Brigham Yen on September 03, 2010, at 02:22PM – #2
Oh wow! I am glad to hear Crustacean finally considered opening downtown!
I had marketed heavily to them when I was at the DCBID and they told me they were interested, but didn't seem very serious at the time.
Perhaps when the economy improves, they will make the move!
Guest on September 03, 2010, at 11:27PM – #3
Finally! That area needs a couple hotspots, better late than never!
Brigham Yen on September 04, 2010, at 01:50AM – #4
The Standard Oil Building is surrounded by low density at this point and I hope that new infill construction begins AROUND the property so the area doesn't fill so diluted.
Whatever happened to that mixed-use church proposal right across the street?
Simon Ha on September 05, 2010, at 10:19PM – #5
@Brigham: Standard Oil building is surrounded by The Met, The Renaissance, Packard Lofts, Hope Village, and FIDM. And The Skyline, Market Lofts, 717 Olympic, Watermark, Met Lofts, Villa Flores, Elleven, Luma, and Grand Lofts are within a block radius. I wouldn't consider this low density by any means.
Maybe you should to spend a little more time out of Pasadena and get to know DT a little better (JK)
Brigham Yen on September 07, 2010, at 11:39AM – #6
@Simon Ha - Haha yes I know what's around the proximity of Standard Oil, however, I am talking about the immediate areas around it, which currently is surrounded by low density parking lots. It is still an island in a lake of parking lots.
Patrick Zoinks on September 07, 2010, at 10:26PM – #7
Crustacean would be killer. Those garlic noodles rule.
Guest on September 07, 2010, at 11:27PM – #8
Didn't we leave Crustacean in the '90s?
Downtown Cowboy on September 10, 2010, at 04:13PM – #9
Simon - The only parking lot NEAR the Standard building is the United Methodist lot across the street. Directly NEXT to Standard Oil is the Met Lofts. DIRECTLY across the street is the Renaissance, on the other corner is the Packard Lofts, 717 Olympic is a block away, Market Lofts is a block away, 600 9th is a block away. You can hardly say this building is surrounded by parking lots.