The Mercury Rising - From BusinessWeek Online
“In city planning-speak it’s called adaptive reuse, but in the real world that means taking old structures of one kind and turning them into something else. A fine example of that is the old Getty Oil headquarters in the Koreatown section of Los Angeles. The 23-story building, now dubbed the Mercury by Cleveland-based developer Forest City, is being converted into 238 condos, priced from the low $400,000s to over $1 million. The original office tower opened in 1963. Many of the old Los Angeles buildings that used to be oil company headquarters have been turned into condos or boutique hotels. Cities create incentives for developers to do this. After all, the Getty building had been vacant for years.”
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