Essex Property CEO Michael Shall with the property
Could another Grand Central Market be in the works?
Essex Property Trust, a publicly-traded real estate investment firm, has filed plans to build a 22,000-square-foot food hall on the site of one of its apartment complexes in Downtown Los Angeles, according to documents published with the city.
Essex Santee Court, an entity tied to Essex Property through corporate registration records, is requesting permission to build a food court with 21 vendors and two common areas. There will be room for 512 seats indoors, as well as an 8,000-square-foot courtyard with 158 seats.
The developer is also seeking approval to sell alcohol on-site. Hours of operation would run from 7 a.m. to 2 a.m., according to the filling published July 27.
Essex Property owns the Santee Court Apartments, a four-building residential complex found on the site of its proposed project. It features 381 units, spread across six former industrial buildings that overlook a central courtyard.
It acquired the property, located at 700-718 S. Los Angeles Street, for $5.35 million in November 2010, records show.
A representative from Essex Property did not respond to requests for comment.
The San Mateo-based REIT, led by Michael Schall, focuses on acquiring, developing and repositioning multifamily properties across California and Seattle. Recently, the firm made waves in Ventura County when it helped finance the $100 million purchase of a 400-unit apartment complex in an off-market deal.
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