Downtown has witnessed the colossal metamorphosis of what we know now as TheBLOC. The $180 million Ratkovich Company (TRC) redevelopment of former Macy’s Plaza rid the site of LA Fitness, Express and Victoria Secret to name a few, and would see the locus tucked away within an unsightly cocoon of construction which began in 2015…
Yet, today the situation has emerged, transformed into a prevalent open-air mail, we all now know and love as, TheBLOC….
Connecting the Sheraton Hotel to a caboodle of added restaurants, novelty shops and enormous outdoor picnic/lounge area, while taking advantage of extra traffic provided by a Metro Pedestrian Portal, TheBLOC offers, fun, shopping, and social engagement for friends and family, business people, residents, and tourism alike. Just as innovative as its many crowd-pleasing events, TheBLOC very quickly made itself available to satisfy our consumer passions.
Yet, change is constant when it comes to downtown’s renovation and in a recent move, The Ratkovich Company (TRC) has sold its interest in The Bloc to one of its equity partners, National Real Estate Advisors, LLC (National). Occupying a full city block at 7th and Flower Streets in downtown Los Angeles, TheBloc also host a Class A office building, and will soon add the bravado of the highly anticipated Alamo Drafthouse Cinema. Popcorn anyone?
TRC and National acquired the property in 2013 and have jointly developed the site into a transformative downtown destination, connecting DTLA to Metro mass transit.
“The Bloc has reached a level of success where TRC is pleased and proud to place The Bloc in the good hands of our longtime partner, National,” said Wayne Ratkovich, President/CEO for TRC. “Now that the majority of The Bloc’s critical construction components are completed, it is the appropriate time for the firm to focus on the San Pedro Public Market and The Alhambra.”
Jeff Kanne, president and CEO of National, said, “We have valued our TRC partnership and are pleased how The Bloc is now positioned to become a highly successful investment and an epicenter for DTLA’s revitalization. We look forward to a big year for the project as we complete the lease-up over the coming months.”
For more information, visit www.ratkovich.com
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