The DTLA Revitalization Fund has completed the acquisition of 987 Figueroa St, a prominent mixed-use development site in Downtown Los Angeles, for $45 million. The seller was Grand Avenue Holdings. This transaction, closed on April 23, 2026, involves a 150,000 square foot parcel zoned for high-density residential and commercial uses, signaling renewed investor confidence in the long-term growth trajectory of the Downtown core.
The site, currently home to an aging retail complex, is strategically located within walking distance of L.A. Live, the Crypto.com Arena, and the Financial District. The DTLA Revitalization Fund has expressed ambitious plans to demolish the existing structures and develop a new, state-of-the-art high-rise building. Preliminary concepts suggest a tower featuring luxury residential units, ground-floor retail, and potentially creative office space, aligning with the city's vision for a vibrant, walkable urban environment.
This deal represents a significant bet on Downtown LA's continued evolution as a live-work-play destination. Market analysts note that while Downtown has faced headwinds in recent years, strategic investments in well-located development sites like Figueroa St indicate a bullish outlook from sophisticated capital. The per-square-foot land value, estimated at $300, reflects the site's development potential and its crucial position in the burgeoning South Park district.
