In 1915 Spring Street was considered the Wall Street of the west but as financial firms moved closer to the 110 or closed down altogether, the street lost its luster and for years the Historic Financial District failed to find it’s footing.

But gentrification has swept through Downtown Los Angeles and properties like 724 S. Spring St. have become attractive acquisition targets for developers willing to rehab and rebrand aging properties.

724 Spring, also known as the Corporation Building, is the most recent example following its sale to Izek Shomof. Shomof plans to redevelop the 13-story office tower into space for creative firms that are increasingly seeking “unique” places for their operations. The redevelopment of the 97 year old building will include new ground floor retail space and infrastructure improvements.

Shomof is no stranger to redeveloping some of the city’s older properties. In March they were part of a group that purchased three early 20th century downtown hotels and they were also involved in reviving the area near the former Pacific Stock Exchange.

Photo credit: Flickr user Xopherlance