Developer Gilmore Gets Big Restoration Loan

The National Trust for Historic Preservation made its largest historic restoration loan to the firm of developer Tom Gilmore. Gilmore will apply the $750,000 to the rehabilitation of four downtown Los Angeles historic structures: the Palace Theater, St. Vibiana’s Cathedral, the El Dorado Hotel and the Rowan Building. Gilmore plans to convert the Rowan Building into an apartment house; the El Dorado into a boutique hotel; and the Palace Theater into a 2,000-seat performance venue. Plans for the St. Vibiana’s property include a performing arts center, hotel, housing, retail and office uses. The financing comes from the National Trust’s Inner City Ventures Fund.