The Historic Core is a neighborhood in Downtown Los Angeles between Hill and Main streets on the west and east, and 3rd and 9th streets on the north and south. It overlaps with the Jewelry District on its western end. In 1999, the Los Angeles City Council passed an Adaptive Re-Use Ordinance, allowing for the conversion of old, unused office buildings to apartments or “lofts.” Developer Tom Gilmore purchased a series of century-old buildings and converted them into lofts near Main and Spring streets, a development now known as the “Old Bank District.” Other notable redevelopment projects in the Historic Core have included the Higgins Building, The Security Building, the Pacific Electric Building, The Judson, and the Subway Terminal Building. As of 2005, redevelopment projects in downtown Los Angeles have been divided about evenly between rentals and condominiums; though projects near the Staples Center arena in the South Park neighborhood have been overwhelmingly dedicated to condominiums.
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