The historic 1.8 million square foot Sear Building, situated on a 22 acre site, has been purchased by developer Izek Shomof for $29 million, and he has big plans commensurate with the large purchase price. Except for the Sears department store on the ground floor, the entire multi-story building is vacant. The estimated three-year renovation will transform the building into a mix of residential lofts, retail, restaurants and creative space. This is great news for East L.A. economically and will provide a great local destination for neighborhood residents and workers. It should also have a positive effect on neighborhood property values in the largely industrial pocket. Shomof has a long track record of quality projects in Downtown L.A. and seems like a great fit for this project. It will be interesting to see if a massive, well-conceived and well-executed project like this can successfully push the mixed use gentrification and creative space (think Arts District) into East L.A. in a meaningful way.