$80M Conversion Creates New Style of Living

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May 16, 2006 By April Michelle Davis, Contributing Editor An $80 million conversion of the Roosevelt Building to luxury condominiums will make it the first residential building in downtown Los Angeles to house a subway station. "The biggest attraction ... is (that) it's in a prime area," said Karin Lilegren, project manager at Killefer Flammang Architects. "It's a great location to be able to walk to a lot of venues." With people becoming more concerned about commutes and the price of gas, the location of the subway station will affect interest in the property, Lilegren told CPN this afternoon. The building sits in the financial district, and the subway station is a hub for both the red and blue subway lines. Having been built more than 80 years ago, the Roosevelt Building is being redesigned to complement its historic features. Killefer Flammang will not alter the street fa�ade, for instance, although it will replace the roof, adding penthouses, a pool, a sky garden, and indoor and outdoor lounge areas. It will also add a concierge; business meeting facilities; self and valet parking; and a three-bay, 24-foot-high entry portico. Upon completion, the property will house 223 condominiums and two-level townhouses ranging from 800 to 2,600 square feet and 17 penthouses totaling more than 2,000 square feet and including patios. The conversion is expected to be completed in early 2007. The units are tentatively priced in the mid-$400,000 range and should be available for sale in a few months.