Robert O’Quinn works on a car at the Downtown Car Wash on Olympic Avenue and Figueroa Street. It was bought by a developer who plans to build a hotel and high-rise buildings (Irfan Khan / Los Angeles Times)
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Car wash in front of L.A. Life “is a Los Angeles real estate brand,” said agent Ben Neman, “and we wanted it to be a better brand.” (Irfan Khan/Los Angeles Times)
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The dramatic transformation of the automotive industry over the past thirty years has left the one-story business no longer used as a car within a car. beautiful car. (Irfan Khan/Los Angeles Times)
One of the most sought-after properties in downtown Los Angeles was a garage – and it sold for about $25 million.
Purchased for $525,000 in 1980, Downtown Car Wash is located across from L.A. Life has come from a local developer who plans to build a high-rise hotel and apartments at the busy intersection of Olympic Avenue and Figueroa Street.
In more than three decades of automotive operation, its surrounding neighborhood has undergone a dramatic change that has left the large one-story business in disarray. like a car in a car park.
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This intersection used to be on the edge of the city’s central business district, but now it is in the main link between the new neighborhood of Staples Center, called South Park, and the financial side.
“It was a Los Angeles real estate mug,” said buyer Ben Neman, a longtime homeowner in the city, “and we wanted to turn it into a better mug. “
In addition to the traffic on the busy highway, thousands of people commute most days to and from basketball games, concerts, and conventions.
“It’s like the corner of Main Street and Main Street,” said real estate broker Rod Delson of NAI Capital, who arranged the sale.
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Neman bought the property from Robert Bush, who built the car in 1980, Delson said. Bush could not be reached for comment.
The price was not disclosed, but Bush asked $25 million for the 36,300-square-foot property, which housed a garage, two restaurants and a ticket office. According to experts who are familiar with the central market, the manager has been going there for many years to sell car washes and has finally agreed. They said he was close to hitting his target price.
Bush paid $525,000 for the property in 1980, the Los Angeles County Office of Evaluation said. It was estimated back to $953,000 after the car was built. He was recently worth $2.4 million.
While many motorists will be sad to see the car wash disappear, the president of the Downtown Los Angeles Business Improvement District is not.
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“It’s always been my example of why we need a popular area,” Carol Schatz said. “We’ve created a new town and we don’t need a scratch in the middle.”
The city is running out of hotels, hoping to attract more business to the Los Angeles Convention Center south of Staples Center, according to city officials.
Neman said he is in the early stages of planning what to do on the site, but he envisions a hotel and possibly apartments in a high-rise with shops and restaurants on the side. He hopes to build about 500,000 square meters.
On Thursday afternoon, about 15 people were seated at the wooden tables and chairs at Fernando’s Taco Inn in the car wash, where diners could watch. in cars that go down the automatic washing line.
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Tim Ahern, a 64-year-old radio engineer in L.A. Live, go to Fernando several times a month for rest, he said. Word of plans for a new hotel didn’t come as a surprise to Culver City residents.
“They are killing each other for land to build a hotel,” he said while eating a quesadilla.
Matias Perez, 44, has operated his MP Shoe Repair & Brightening Company out of a truck for 24 years and remembers what happened before the Staples Center and L.A. Live started in 1999.
“Everything used to be a parking lot, prostitution and drugs,” he said as he washed a pair of black shoes. “But now it’s changed”.
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Neman and its affiliates own more than 5 million square feet of commercial real estate in the city, he said. He helped develop the Medallion, a department store and apartment complex on Main and 4th streets in the Old Bank District.
“Right now, it’s probably the most interesting corner in the city,” he said. “We wanted to build something that would last.”
Downtown real estate agent Adam Tischer of Colliers International, who was not involved in the transaction, said Nemans will be the buyer, including the owner of the nearby Figueroa Hotel. there.
The hotel currently spends $80,000 a month advertising on the large walls of the building overlooking L.A. Live, says Tischer. According to him, a new tower on the car wash site can block the view of advertisements, such as Apple’s iPhone advertisements there.
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“The only group that will be sad to hear about this sale are the owners of dirty cars,” he said, “and the owners of the Figueroa Hotel.”
Andrew Khouri covers the housing market for the Los Angeles Times. Before coming to the Times, he wrote about commercial real estate for the San Fernando Valley Business Journal. She holds a master’s degree in journalism from the University of Southern California’s Annenberg School of Journalism and Communication and graduated from the University of San Diego with a history $12K in Los Angeles, CA. Finding an affordable used car has never been easier. See our list of used cars under $12,000 online for pictures, vehicle information, and prices.
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