Landmark Square at 111 W. Ocean Blvd.—often called “The Wells Fargo Building” by locals and visitors alike—has been sold to developer Izek Shomof for a meager $50M, as first reported by The Real Deal. Per city applications submitted at the end of last year, Shomof plans to convert the tower into a mixed-use building with approximately 391 residential units.
To put the purchase into perspective: John Hancock—under the oversight of Manulife Financial Corporation—bought the building in 2013 for a staggering $135.5M. That means the cost per square foot has dropped from $295 to $109 over the past decade under John Hancock’s ownership.
The timeline for this proposed conversion? Years—and that’s on the lowend. Shomof will have to cycle through and properly end current tenant leases. Only then could he, as a developer, move forward with converting the 460,000-square-foot property into housing…