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The old Woolworth's building on Broadway will soon be replaced by a Ross Dress for Less

DOWNTOWN LOS ANGELES — A 39,000-square-feet is moving into the former Woolworth's Department store building on Broadway. The discount retailer will take up the entire ground floor and the basement of the old Woolworth's, and is expected to create up to 50 new jobs.

"Ross appeals to a lot of demographics and that is perfect for Broadway," said Councilmember Jose Huizar.

The new Ross is expected to open in early 2013 and will be the first national retailer to move onto Broadway in years. Its creation is part of Huizar's 10-year plan Bringing Back Broadway initiative that aims at revitalizing the historic theater district.

“It’s fitting that the historic Woolworth’s building, which was so beloved by Angelenos in years gone by, will now provide a new retail destination for modern day Downtown residents, workers and shoppers,” Huizar said in a statement.

The Woolworth's building was first opened in 1920 and received a art deco face-lift in the 1940s. Now aging staircases are being restored and new modern amenities added to create a "unique urban Downtown model for the national retailer," according to a statement from Huizar's camp.

Local real estate investment firm, Paragon Commercial Group, is based in El Segundo and purchased the Woolworth's building last month. that Paragon specializes in the development of “entry markets” such as Broadway, and their move Downtown may be strategic to try and "increase the caliber of retailers once this block is revitalized."

This isn't the first time that Ross has moved into a once-classic LA building. The Ross on La Brea and Sunset was once

Ross has more than 1,000 stores in 27 different states, and will be joining the highly anticipated Downtown opening of superstore Target. The approximately 100,000 square-foot Target is expected to open later this year in a shopping complex at 7th and Figueroa Streets.

Also coming to Broadway soon: the New York pizza chain with a L.A. branch already in Echo Park, and Umamicatessen, a offshoot of the popular burger spot,