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Silicon Beach, greets downtown Los Angeles.
Emcee, a New York-based tech startup, said it plans to buy the historic Broadway Trade Center at 801 S. Broadway and turn it into a tech hub, hotel and mall, dot reported. THE. A acquires an undisclosed value and the current owner of the construction is an investor in Emcee.
John Aghayan, chief executive of the e-commerce platform he founded last year, said he plans to reach a deal with Broadway homeowners Waterbridge Capital and Continental Equities, by April. of ceremonies” and shared workspace to serve their “metaverse platform” to develop.
“We will buy assets to bring together under one roof tens of thousands of creators, innovators, personal enterprises, start-ups and state-owned enterprises,” Aghayan said.
Plans include an art workspace for software developers, contractors and designers, as well as a hotel, members-only rooftop pool, restaurant and coworking office space. where brands would allow shoppers to browse and shop online.
Built in 1907, the 13-story Beaux-Arts building on Broadway and 9th Street, which was once the Hamburger branch, is advertised as “the largest branch in the west. “
Department store chain May Co. acquired Hamburger’s in 1923 and operated steel-reinforced concrete construction for more than half a century before moving in 1986, when it was renamed Broadway Trade Center. It has been largely vacant for a decade, with some commercial apartments on the ground floor.
In 2014, New York-based Waterbridge Capital and New York-based Continental Equities secured assets of $122. 3 million with plans to convert it into a 200-room hotel, office and upscale retail space, with rooftop bars and restaurants.
Waterbridge oversaw a fundamental recovery of the centre’s construction and Omgivning architects for a redevelopment design.
Waterbridge blocked its mixed-use allocation and, in 2020, sought to sell the construction for $425 million.
Joel Schreiber, Waterbridge’s founder and chief executive, said the company “seeks the right generation to help us make this vision a reality. “
“We’ve had the interest of very giant tech corporations, the largest tech corporations in the world, to take over space,” Schreiber said. “But that’s not the vision: just buy a building and put a tech tenant in it. “
Schreiber, one of WeWork’s early investors, subsidized Emcee’s $6 million investment circular in December.
If a deal is reached, Emcee plans to begin work on remodeling the Broadway building, has refused to imply a structure date.
The company was founded as an e-commerce platform that relies on web influencers to advertise and market brands. It plans to launch its own cryptocurrency, the $EMC token, which consumers will be able to spend on its platform.
Aghayan said he hopes to be so to make Schreiber’s vision a reality.
“Santa Monica, Marina del Rey and Venice attract games, NFT, crypto,” Aghayan told dot. THE. ” It makes the center the means to stick to all this skill and community. “
[period. LA] – Dana Barthélemy
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