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1/29/16
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Forest City Realty Trust Inc has started phase two of the redevelopment, preservation and adaptive re-use of the Subway Terminal Building located at 417 South Hill Street in Downtown Los Angeles. Renamed Metro 417, phase one of the project consists of 277 loft-style apartment homes. For phase two, Forest City will redevelop and transform the ground floor and two subterranean floors into approximately 133k sf of multi-tenant retail space available to a wide range of users.
Metro 417 is located in the Bunker Hill area of Los Angeles, and is adjacent to a station for the Metro Red Line subway, which will link residents to the Wilshire Corridor, Hollywood and North Hollywood, along with South Los Angeles and the Los Angeles International Airport area. Amenities for the property include on-site parking, in-unit laundry facilities, rooftop garden, gym, business center and 24-hour security.
"Redeveloping the ground floor and basement areas represents the continuation of our vision to create the premier mixed-use community in Downtown Los Angles," said Kevin Ratner, President of Forest City West. "We remain committed to the historic preservation of Los Angeles' past as well as the city's promising future."
JLL's Lorena Tomb and Danielle Cornwell are marketing the retail space for lease on behalf of Forest City.
"Downtown Los Angeles continues to be one of the region's most attractive retail submarkets because of its growing population, relocating businesses and overall dense neighborhoods," said Cornwell. "Metro 417 provides retailers early entrance to the renaissance of Bunker Hill and surrounding Downtown Los Angeles hubs."
Built in 1925 by Pacific Electric Railroad, the 500k sf Subway Terminal was the transportation hub for the City of Los Angeles. The ground floor and two subterranean floors housed the historic "Red Car" Subway Station until the mid-1950s, when the Los Angeles Red Car system was shut down. The upper floors provided more than 300k sf of office space.
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