One of the most sought-after real estate parcels in downtown Los Angeles is a carwash — and it’s been sold for an estimated $25 million.
Purchased for $525,000 in 1980, the Downtown Car Wash across the street from L.A. Live was bought by a local developer who plans to build a high-rise hotel-and-residential complex at the busy crossroads of Olympic Boulevard and Figueroa Street.
During the carwash’s more than three decades of operation, its surrounding neighborhood has undergone a dramatic transformation that has left the sprawling one-story business looking out of place, like a go-cart among sleek race cars.
The intersection was once on the edge of the city’s business center, but it is now in a key link between the booming new neighborhood around Staples Center known as South Park and the financial district.
Click here to read the full story on LATimes.com.