Renovation reveals much Ado about a phantasmagorical hill street locale.

Pacific Electric Lofts embodies Los Angeles' phantasmagorical spirit. In the 1990s, the building served as a setting for more than 450 movie and television productions including "Forrest Gump," "Spiderman," and "L.A. Confidential." But even those impressive Hollywood credentials barely scratch the surface of the extensive history literally hidden behind the walls of one of the oldest restored buildings downtown.

When the building's owner, ICO Development, tore into the old streetcar station and office building 100 years after it was constructed in 1905, carpenters found WWII cracker rations behind one of the walls. They now sit on display on the lobby of the building, which has a residential-over-retail design.

"People love the character of these older buildings," said ICO owner Alex Moradi. "Pacific Electric Lofts is very creative, very historic. Your front entrance is a 100-year-old door, mahogany with glass transoms. Marble lines the corridors. There are mosaic floors."

With rents that range from $1,300 for a studio to $5,000 for a penthouse suite, the building provides modern amenities as well, including a rooftop pool, spa, gardens, barbecues, fireplace and a dog run. Residents can use the private mosaic-style library on the eighth floor where the Jonathan Club--an exclusive men's organization--met regularly when the building first opened. Private fitness facilities also are on site.

The lofts are 93 percent leased and nearly 50 percent of its residents pull in yearly income of more than $90,000, Moradi said.

The residential portion of the project was completed in 2005 but construction on the 20,000-square foot ground floor of the complex--slated for retail--is still under way. Internal space is being renovated and the ornate external facade of the first floor, which was modernized during the 1950s, is being returned to its original condition.

Cole's PE Buffet, the longest operating restaurant and bar in downtown L.A., open since 1908, is still in business on the ground floor, where there also is a retail package shipper. Another restaurant, a flower shop, dry cleaner and a coffee shop are expected to open by late spring or early summer.

"We could rent to garment-related businesses all day long. That's what's big in the area. But we have chosen to hold off so we can rent to businesses that provide services to our residents as well as the surrounding community," Moradi said.

ICO received a grant from Home and Garden Television for the ground floor renovations. Several hundred companies from around the country applied and seven received money. "We were the largest grant award in the country," Moradi said. "They recognized the historic significance of the project and the significance to Los Angeles."

It hasn't always gone so smoothly. Due to unforeseen issues that came along with modernizing an old building, the residential portion of the project was completed nearly six months behind schedule. The retail renovations were also slowed, but everything is on track now, said John Arnold, project manager at lead architectural firm, Killefer Flammang Architects.

"One of the biggest challenges of working in adaptive reuse is keeping historic features of the building in tact," said Arnold, whose Santa Monica firm has done extensive adaptive reuse projects throughout the area. "It is hard to meet needs of the building and fire departments and the historic agencies. You have to report any minor move you make to make sure it is historically viable."

The building's location at Sixth and Main streets downtown has presented its own unique problems. Last summer and early fall, Moradi watched tenants vacate the building as bordering Skid Row residents spilled over into the surrounding neighborhood. Moradi asserted that safety concerns are no longer an issue since the LAPD cracked down on the homeless in the area.

"People feel a lot safer walking around. There is a lot of cross traffic between our building and other buildings in our neighborhood," he said. "Tenants have started walking to various venues like Pete's Cafe, the Broadway Bar, and Golden Gopher."

PROJECT

Pacific Electric Lofts

610 S. Main St., Los Angeles

Developer: ICO Development LLC Building: Built in 1905 by Henry Huntington in turn-of-the-century Richardsonian Romanesque and Beaux Arts styles

Past Use: Top floors were headquarters of Jonathan Club, an exclusive men's club founded in 1895. From 1905 to 1950, Pacific Electric Lofts was a primary downtown street car terminal for the Red Car. Between the 1960s and 1980s, it was a commercial office building, and included a Greyhound terminal at one point.

Project: ICO acquired the nine-story building in 2001, began construction in 2004 and finished in 2005. At a cost of $62 million, 314 loft apartments were built over retail.