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Say it isn’t so! After a multimillion-dollar makeover, years of construction headaches, the departure of Macy’s and promises of a new pickleball paradise, The Bloc is officially back on the market. One of Downtown Los Angeles’ most recognizable shopping and entertainment destinations is looking for a new owner, with an estimated price tag of $160 million.
The announcement comes as something of a surprise for a property that has spent more than a decade trying to reinvent itself. Located along 7th Street between Flower and Hope, The Bloc has survived changing ownership, expensive renovations, retail closures, a pandemic and the ongoing struggle to bring shoppers back to Downtown LA.
Now, National Real Estate Advisors is preparing to sell the massive office, retail and parking complex, while the Sheraton Grand Los Angeles hotel is being marketed separately. Cushman & Wakefield brokers Mike Condon Jr. and Kevin Donner are handling the sale, with offers expected around Thanksgiving.
But how did one of Downtown’s most ambitious redevelopment projects end up on the market again?
From Broadway Plaza to Macy’s Plaza to The Bloc
Photos courtesy TheBloc
Long before anyone called it The Bloc, the property opened in 1973 as Broadway Plaza, a massive enclosed shopping center featuring The Broadway department store, an office tower and a Hyatt Regency hotel.
For decades, it was a major shopping destination in Downtown Los Angeles. Eventually, the property became Macy’s Plaza, but by the early 2010s, its aging interiors and declining appeal had turned the once-fashionable shopping center into a reminder of another era.
In 2013, developer Wayne Ratkovich and investment partners acquired the property with an ambitious plan to transform the outdated indoor mall into a modern, open-air urban destination.
The redevelopment was originally budgeted at approximately $180 million. Construction crews removed the shopping center’s roof, opened the courtyard to the sky, introduced outdoor landscaping, improved street access and connected the complex directly to the 7th Street/Metro Center subway station.
Unfortunately, the transformation proved more complicated than expected. Construction delays and unforeseen problems pushed redevelopment costs beyond $250 million.
By 2018, Ratkovich had sold his interest to investment partner National Real Estate Advisors.
The Bloc had a fresh look, new restaurants and a new identity, but its financial and retail challenges were far from over.
Macy’s Closes, Ending a Downtown Shopping Tradition
Perhaps the biggest blow came in early 2025, when Macy’s closed its four-story department store at The Bloc.
The closure left approximately 250,000 square feet of former department store space without its longtime anchor tenant and marked the end of an extraordinary chapter in Downtown Los Angeles retail history.
For generations, department stores helped define the Downtown shopping experience. From Broadway’s historic retail corridor to the department stores that once lined 7th Street, shoppers had countless reasons to visit the city center.
The departure of Macy’s left Downtown without a traditional department store for the first time in more than 150 years.
For The Bloc, the closure was especially significant. Macy’s wasn’t simply another retailer. It was part of the property’s identity, connecting the original Broadway Plaza to the shopping center’s modern incarnation.
Yet the vacancy also created an opportunity to rethink what a department store could become.
What’s Still Open at The Bloc?
Despite its troubled history, The Bloc remains an active destination with restaurants, shopping, fitness and entertainment spread across its open-air plaza.
One of its biggest attractions is Alamo Drafthouse Cinema, where moviegoers can enjoy films with food and cocktails delivered directly to their seats. The theater has helped establish The Bloc as an entertainment destination rather than simply a place to shop.
JOEY DTLA continues to attract diners with its contemporary menu, cocktails, stylish dining room and expansive outdoor patio overlooking 7th Street.
HATCH Yakitori + Bar brings Japanese-inspired dining to the plaza, serving charcoal-grilled skewers, small plates, Japanese whisky and creative cocktails.
Marugame Udon offers freshly prepared Japanese noodles, while Starbucks, Café Balzac, Bellalina Gelato and other smaller food businesses provide options for coffee, desserts and casual dining.
UNIQLO remains one of the center’s most recognizable retail tenants. LA Fitness brings a steady stream of gym members, while UCLA Health, beauty services, specialty retailers and neighborhood businesses contribute to the property’s daily activity.
The Bloc also continues to host seasonal celebrations, live performances, art installations and community events. Its outdoor courtyard, illuminated walkways and direct Metro connection remain among its most distinctive features.
Still, the departure of Macy’s left a noticeable gap that restaurants, fitness studios and movie theaters alone could not entirely replace.
But Wait! What Happened to Those Pickleball Courts?
Just when Downtown thought it had seen the last of the old Macy’s, another ambitious transformation was announced.
Ballers, a social sports club backed by high-profile athletes and hospitality investors, revealed plans to turn approximately 101,000 square feet of the former department store into a massive recreational destination.
The proposal includes 18 pickleball courts, four padel courts, five golf simulators, two small soccer fields, a restaurant, two bars and a wellness recovery area with saunas and cold plunges.
Part of the project would occupy the former Macy’s third floor, while the rooftop parking area would be converted into additional sports courts.
The concept promises something Downtown has been missing: a large-scale recreational destination combining sports, dining, socializing and wellness under one roof.
Originally expected to open by late summer 2026, Ballers has not yet announced a confirmed opening date.
However, the project has not disappeared. City planning records filed in July 2026 document the proposed sports club, restaurants, rooftop courts, alcohol service and entertainment uses. The Bloc’s official website also continues to advertise Ballers among its upcoming attractions.
The big question now is whether the sale of The Bloc will affect the project’s construction or opening schedule. No public announcement reviewed indicates that Ballers has canceled its plans, but an updated opening date remains unconfirmed.
For pickleball enthusiasts waiting to take over the old Macy’s, the game is apparently still on — just without a confirmed first serve.
A $160 Million Opportunity or Another Downtown Gamble?
The sale includes approximately 730,000 square feet of office space, 420,000 square feet of retail and dining space, and a parking garage with nearly 2,000 spaces.
The office tower is reportedly about 70% leased, while the remaining retail space, excluding the former Macy’s, is nearly 90% leased.
The property also comes with valuable development approvals, including plans for a 41-story residential tower containing up to 466 apartments or condominiums above the parking structure.
City approvals for nine digital billboards could create another revenue stream for a future owner.
Although the estimated $160 million valuation might seem surprisingly low considering the property’s size and redevelopment history, the figure reflects the office and retail investment being marketed, not the separately marketed Sheraton hotel.
Brokers insist this is not another Downtown foreclosure or lender-driven distressed sale. Instead, National Real Estate Advisors is reportedly looking to redirect its investment capital elsewhere.
That distinction matters in a Downtown real estate market where several prominent office towers have changed hands at steep discounts following financial difficulties.
For potential investors, The Bloc offers an unusual combination of existing tenants, major transportation access, development rights and an opportunity to transform a former department store into something entirely new.
For Downtown residents, workers and visitors, the bigger question is what happens next.
After more than 50 years, three major identities, a costly renovation and the loss of its most famous department store, The Bloc is preparing for another change of ownership.
Will the next buyer finally deliver the bustling urban destination developers envisioned more than a decade ago?
Or is Downtown Los Angeles about to witness another expensive reinvention of the same city block?
One thing is certain: The Bloc’s story is far from over.
The Bloc — 700 W. 7th Street, Downtown Los Angeles, CA 90017.
