The Banco Popular Building “Rises” Again

The original plate glass dome in the Banco Popular Bldg lobby will be preserved

Century is happy to announce our continued investment in making downtown Los Angeles a more livable place with the closing of a $10.165 million acquisition loan to Standard Development, LLC, for the purchase of the Banco Popular (aka Herman H. Hellman) Building on Spring St. Standard Development will convert the ten-story building, built in 1903 and once the largest steel-framed building in Los Angeles, into studio, 1- and 2-bedroom apartments, with 38 apartments set-aside for very low-income households with incomes between $30,000 and $40,000.

The development will be financed with a combination of tax-exempt bonds with FHA credit enhancement, historic tax credits and low-income housing tax credits, totaling around $48 million. Construction should begin in  late 2012 and be completed in mid-2014.

Banco Popular Building to Become Apartments

Banco Popular Bldg. (photo by Gary Leonard)