Los Angeles-based real estate firm RYDA has begun work on the renovation of a 112-year-old building in Downtown’s Arts District.
Located at the corner of 3rd Street and Traction Avenue, the property was designed and built by the Richards-Neustadt Construction Company in 1905 – a short time after the arrival of the Union Pacific Railroad nearby. It fronts 3rd Street with a four-story industrial building, featuring Beaux-Art details, with a former loading dock at the back of the property along Traction.
RYDA has tapped Abramson Teiger Architects to reimagine the property, activating rooftops and alleyways with gathering space for tenants and outdoor seating for restaurants. Owing to the neighborhood’s artistic heritage, plans also call for numerous murals to be incorporated throughout the building.
At full buildout, 3rd & Traction will offer approximately 40,000 square feet of combined retail and restaurant space. This includes restaurant space on its second-floor rooftop and a potential bar at the basement level, according to an official project website.
Existing live/work apartments – totaling 4 units – at the top two floors of the building are being retained and upgraded through the project.
Construction is expected to occur over 12 months, with RYDA estimating completion by the end of 2018.
RYDA is currently in the midst of rehabilitating another 112-year-old building on Broadway as modern offices.