Macy’s Plaza to Be Sold
The Ratkovich Co. will redevelop beleaguered mixed-use mall Macy’s Plaza, located at 700 S. Flower St. in downtown Los Angeles.
Ratkovich is said to be in escrow to acquire the mid-size, mixed-use mall from Jamison Services Inc., according to newspaper reports. Jamison also owns prominent fashion showroom building California Market Center, where California Apparel News maintains its offices.
Ratkovich did not return an email, and Jamison did not return a call and an email by deadline to confirm the sale.
Macy’s Plaza sits near bustling South Figueroa Street, where scores of law and accounting firms maintain offices. It also is a short walk to the newly renovated FigAt7th shopping center, where Target Corp.’s popular City Target opened in October.
However, retail at Macy’s Plaza suffers from a poor reputation despite the mall being home to a Macy’s and a Victoria’s Secret. The mall’s customer reviews on the Yelp website are overwhelmingly negative. One of the least colorful reviews was written in September from “Ryan W.” of Arlington, Va. “Ugh.Someone needs to rescue this “mall.It is depressing,” he wrote.Ratkovich defines itself as a firm specializing in redeveloping sites with construction problems, “poor marketing positions” and historic-preservation requirements, according the company website.
Macy’s Plaza also is the address of a 485 room Sheraton Hotel, a post office and an LA Fitness gym.—Andrew Asch
