Loft Developer Buys Victor Clothing Building
The historic Victor Clothing Co. building in downtown Los Angeles, once a bustling destination store for celebrities and Los Angeles’ upper crust, has been sold to a private firm that plans to convert the five-story building at Third and Broadway streets into 24 live/work rental lofts with ground-level retail space.
This transaction marks yet another in a series of recent deals in cities such as Los Angeles, San Diego, San Francisco and Pasadena where older commercial buildings are being converted to residential space to cash in on strong demand for urban housing.
Los Angeles-based Clinton Financial Corp., the buyer of the Victor Clothing Co., said there is plenty of potential for residential rentals since other area conversions have been leasing up quickly. The Victor Clothing Co. building, noted for its huge mural of Anthony Quinn as Zorba the Greek and its original location just south of Third Street, was once a hot source of fine suits for men and fine furs and eveningwear for women. More recently, it has been a discounter’s haven for jewelry and bridal gowns, and sees only about 15 customers each day. The store has operated since 1920, and in its heyday, catered to celebrities including Mickey Rooney and Elizabeth Taylor.
Clinton will convert the building to 24 lofts ranging from 750 to 1,600 square feet with rents expecting to go for $1,000 to $2,000 when leasing starts in about a year. The developer has plans for 9,000 square feet of retail space on the ground level, which it is earmarking for either a restaurant or clothing store or both. Clinton also owns a 13-unit loft conversion on Fourth Street.The new owner is expected to maintain the mural.
