In the heart of Hollywood is a new opportunity for adaptive reuse or infill development. According to a listing from Industry Partners, an 84,849 square foot building has recently been placed up for sale for the first time since 1984. Guidance pricing for the property was not disclosed.
The property is currently leased to LA Fitness until May 2026. Located at the intersection of 1628 El Centro Ave and 1607 Gower St, the property consists of a more than 55,000 square foot LA Fitness as well as a parking garage with space for up to 319 vehicles.
The site maintains convenient proximity to major freeways, including a five-minute drive to the 101 freeway, a 15-20-minute drive to the 10 freeway, and a 20-minute drive to Downtown Los Angeles.
The historic site was originally the renowned American Legion boxing stadium. The building was constructed in 1939 and is currently owned by the American Legion, according to public property records.
By choosing to undertake an adaptive reuse project, investors can retain and restore the historical essence of the building while infusing it with modern amenities and design elements, according to the listing. Due to its location, the property has flexible zoning, which permits a wide range of commercial uses, including multifamily dwellings, hotels and mixed-use developments allowing potential buyers various investment opportunities.
