Broadway Exchange Features Commercial Condo Space

Eric Richardson

DOWNTOWN LOS ANGELES — I finally got around to reading a Public Hearing Notice that had come in the mail a bit ago and found that it is for the Broadway Exchange Building. It's been known for quite a while now that the former Bank of Italy building was going condo, but it's interesting to see in the notice that they're planning one "commercial condominium unit."

I know there was a building in the fashion district recently built with commercial condo as the model, but I don't know if any other buildings Downtown have gone this direction for their commercial space.

An article that ran last year in the LA Business Journal lays out why building owners like the idea (toward the end of the article):

The concept makes sense for developers who want to turn a profit on ground-floor space without the hassles of managing a retail tenant. Torrance-based Decoma Industries built a 1,500-square-foot office unit on the ground floor of its South Pasadena Mission District Lofts, which sold immediately to an architecture firm for $360,000.

"The first floor is so close to the street it's not conducive to living," said Steve Notaro, the firm's president. "It benefits both parties for us to do this."

I'm interested to know what space it is that's for sale: Is it ground-floor space, or something above? If I had to guess I'd put my money on that second-floor space that's still in the brick area of the building.