LOS ANGELES, CA — The current owner of the Los Angeles and Palace theaters has committed to renovate the Palace and Los Angeles theaters on Broadway if the city will build a new parking facility between 6th and 7th streets.

The project, which would require another $2 million in tenant relocation and $31 million in pre-development and construction costs, would result in several hundred new spaces for uses along Broadway.

While Broadway has a number of parking garages, a recent study showed that these structures are near 100% occupancy during the day. Many close at night, and several structures have recently made exclusive arrangements with residential properties.

Read more at blogdowntown.com.