The historic Insurance Exchange Building in downtown Los Angeles is getting a makeover.
The AIDS Healthcare Foundation, which bills itself as the largest global AIDS organization, has purchased the 99-year-old building under its Healthy Housing Foundation banner to make way for homeless and low-income housing.
AHF closed on its purchase of the 12-story building on March 7 for $21.25 million. It will be the first office building that AHF will renovate and adds to the 13 other buildings the organization has purchased or renovated since 2017, the organization said.
The new residence will be called Angel Tower and is set to offer 251 new living spaces.
“We know firsthand the fight for affordable housing is fought one door at a time,” said AHF President Michael Weinstein in a news release. “This building offers the potential for two-hundred fifty-one brand-new doors in its incarnation as Angel Tower.”
The Healthy Housing Foundation has spent more than $183 million on the purchase and renovation of older properties throughout Greater Los Angeles including the King Edward Hotel, the Barclay Hotel and the Sinclair LA.
By the time renovation of Angel Tower is complete, AHF will have amassed 1,666 affordable rental housing units across the city.