Jamison has locked in $195M for the conversion of the former Arco tower at 1055 W. Seventh St.
The financing to turn the 33-story, approximately 620K SF office tower into mulitfamily units was provided by Prime Finance, according to Traded. The 1987-built tower was previously the home of petroleum company Arco and most recently bore exterior signage for the L.A. Care Health Plan.
The plan is to turn the tower into 686 units, among the larger conversion projects in the city. Construction has begun on the project.
Jamison has done a few conversion projects in Koreatown and has three under construction and 10 in the pipeline, including this one. This would be the tallest…