Los Angeles (Downtown) · Office to residential

A 33-story downtown tower is financed for a 686-apartment conversion

Under constructionAdaptive reuseJanuary 15, 2026

1055 W. 7th Street

Jamison secured a $195 million construction loan to convert a 620,000 square foot, 33-story office tower into 686 apartments. Construction began in January 2026, according to the company.

What it was

A 33-story office tower completed in 1987, home to ARCO for two decades and later L.A. County's Care Health Plan, which left in 2024.

What it is becoming

686 apartments, from one to three bedrooms. The source reports it would be the largest conversion in Los Angeles when complete.

Why the economics might work

HUC analysis, not a reported result

Our analysis: the source reports the conversion does not require a full structural retrofit, saving roughly 10 percent in construction costs, and lets remaining office tenants stay while empty floors convert. Avoiding major structural work and keeping some income during construction can matter a great deal to feasibility.

The lesson for local owners

Building specifics, such as whether a full seismic retrofit is triggered, can decide whether a conversion is realistic. Those questions belong with qualified engineers early.

Source and attribution

Multi-Housing News

Facts are summarized from the source above as of October 16, 2026 and may change. This project is not a Highest Use Commercial transaction. Photos of the property are available at the source.

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