DTLA LIFE MAG #1 | JANUARY 2014 - Page 16

THE BLOC Los Angeles-based developer The Ratkovich Company, in partnership with National Real Estate Advisors and Blue Vista Capital Management, announced today the purchase of Macy’s Plaza in Downtown Los Angeles. Comprised of 1.8 million square feet of retail, office and hospitality space, Macy’s Plaza inhabits the full city block bounded by 7th, 8th, Hope and Flower Streets. After undergoing a $160 million renovation, the existing structures and plaza will be renamed The Bloc. Construction is expected to begin in the first quarter of 2014 and is anticipated to be completed by the third quarter of 2015. ! Central to the revitalization of the historic 7th Street retail corridor, The Bloc will be the largest single asset mixed-use prop- erty in the city of Los Angeles. Anchored by Macy’s, more than 400,000 square feet of outdoor retail space will provide a curated experience of local boutiques, artisans, premier retailers and restaurants. The 700,000-square-foot luxury office tower and 485-room Sheraton Hotel will be completely renovated to become a premium shopping, dining, business and leisure destination. ! The Bloc will be LEED (Leadership in Energy and Environmental Design) certified and will be the first Delos WELL Building Project in Los Angeles. The WELL Building Standard outlines an aggressive and achievable guideline for limiting pollutants, toxins and other environmental conditions that pose immediate and long-term threats to public health. ! “Our vision for The Bloc is for it to become the destination in the heart of Downtown Los Angeles; a truly unique urban ex- perience for residents, visitors and workers,” said Wayne Ratkovich, founder and president of The Ratkovich Company. “As a cornerstone of the ongoing revitalization of our city’s center, The Bloc is continuing our commitment to profitably pro- duce developments that improve the quality of urban life for years to come.” ! ! The Bloc is the latest project in the evolution of Downtown Los Angeles, which will create a positive economic impact for the public. “It’s great to see that The Ratkovich Company will be spearheading significant improvements for the Macy’s in Downtown. They are a champion for great development and understand what we’re trying to do to continue the revitalization of Down- town,” said Councilman José Huizar, District 14, Los Angeles. “Seventh & Flower is one of the most active intersections in the city – a key passageway for residents, workers and tourists. In a few more years, this will also be a hub for the Down- town LA Streetcar that will help connect this area to the many other destinations in Downtown. We’re happy to have Wayne and his company on board for all these efforts and look forward to making great things happen together.” ! The design team working on The Bloc has been led by Johnson Fain, known worldwide for its award-winning work in commercial, residential, institutional and hospitality properties. The retail is being designed by Studio 111 and McCartan is spearheading the interior design of the Sheraton Hotel. EPT Design is responsible for all landscape and streetscape design and Selbert Perkins Design is the signage designer. CB Richard Ellis (CBRE) brokers Jeff Pion, Deron White and John Zanetos are representing The Ratkovich Company on the office tenant side; Scott Kaplan, Richard Rizika, Erik Westedt, Mitchell Hernandez and Katherine Wilson are representing the retail tenant side. Dick Schnell of Colliers International repre- sented the buyer in the acquisition. ! Originally built in 1973, Macy’s Plaza was designed by architect Charles Luckman whose vision for the property was to be a “wonderfully human environment, where people can work, sleep, shop and eat, all in one exciting urban center.” That vision remains as The Ratkovich Company works to revitalize the property into a thriving, vibrant, pedestrian-friendly cityscape where Angelenos and visitors alike can work, sleep, shop, eat and dream – a modern day Agora. ! ! THE BLOCK 700 South Flower Los Angeles, California 90017 www.theblocdowntown.com