It's arguably downtown's most sought after lot, located just steps from Staples Center and L.A. Live. Now, after years of turning down offers, the owner of the Olympic and Figueroa property appears close to making a deal, reports the Business Journal (full story will appear in Monday's edition). Owner Robert Bush tells the paper that he is in negotiations with three parties - all of whom apparently want to develop a hotel. The bidders are offering about $25 million, according to the paper, which has been the list price. Here's more from a February story in the Downtown News:
Given its prime location, the site has been the subject of many unsolicited offers, especially during the early part of the decade, said broker Rod Delson, who represents property owner Robert Bush. Bush, an 82-year-old who has owned at least three car wash businesses in Los Angeles, was never inclined to sell -- until now. "People have been trying to buy this off him for years," Delson said. "The price kept escalating and he wasn't in a mood or position to want to sell.... It's finally gotten to a point where the land is now far more valuable as an asset to his family than the income from the business." ... In real estate, location is king, and the car wash sits in somewhat of a Downtown throne. It's across the street from L.A. Live, and is on a corner -- always the most desirable part of a block for commercial property owners. The site is a half-block from Homer Williams' planned dual-Marriott hotel, which is slated to break ground in March, and is situated between the Convention Center and the Financial District.