Metro Rail Station to Be Part of Ahmanson Tower

The Southern California Rapid Transit District and Ahmanson Commercial Development Corp., a newly formed subsidiary of Home Savings & Loan Assn., have reached an agreement that incorporates a planned Metro Rail station as part of a proposed, $15-million, 26-story tower and related commercial redevelopment of the Home Savings Branch site at 7th and Figueroa streets in downtown Los Angeles.

The tower will be developed by the new subsidiary and will house the Home Savings branch presently on the site as well as offices of other Home Savings and Ahmanson companies.

Kent D. Merselis is president and chief executive officer, and Donald L. Crawford is senior vice president and chief financial officer of Ahmanson Commercial Development Co., which already has more than $300 million in commercial property under development in Southern California.

About the proposed 26-story tower, Merselis said, “We are pleased to participate with the RTD in this public/private partnership and contribute to the development of this important component of the proposed transportation network.”

Albert C. Martin & Associates is designing the tower. The firm has also worked with the RTD to complete a design scheme for the street and below-grade portions of the site that will accommodate the needs of both parties.

Ahmanson Commercial Development will build, at its own expense, those portions of the Metro Rail station and portal that are within the development site and will grant the necessary perpetual easements for the portal and below-grade mechanical areas to the RTD. The private sector will contribute about $3.5 million toward the cost of Metro Rail facilities.

The 7th-and-Figueroa site has been owned by Home Savings for many years. The planned tower, with 240,000 square feet of office space, is being designed to complement its landmark neighbors, the historic Fine Arts Building and Fire Station No. 28.