Former May Co. Building In Downtown May Soon Be Renovated

LOS ANGELES (CBSLA.com) — A building that previously housed the May Company may soon be renovated.

The building, known as the Broadway Trade Center on Broadway Street, has been vacant since the 1980s.

But as CBS2's Kaj Goldberg reports, it is currently in the first phase of renovations with workers removing items not bolted down.

"The total project is going to be approximately 1.1 million-square-feet and it's going to boast about 200,000-square-feet of retail and another five- to six-hundred-thousand square feet of office," Rachel Rosenberg said.

Rosenberg is the executive vice president of RKF Realty, a company tasked with identifying which businesses and brands will bring the building back to prominence.

"We have a significant amount of interest and the interest that we're receiving right now on the project is global," she said.

Councilmember Jose Huizar and other city leaders believe the remaking of the building is key to shoring up the revitalization of downtown Los Angeles.

"This announcement is really a shot in the arm and a vote of confidence," Huizar said. "This is one of the most important assets on Broadway. If this thing opens up, it's a whole new day for Broadway and downtown Los Angeles."

Goldberg says the project could be finished within the next 2 ½ years.