LOS ANGELES—The Ratkovich Co. has purchased the 1.8-million-sq.-ft. Macy’s Plaza in downtown Los Angeles. The purchase price was not disclosed, but the company plans to begin a $160 million renovation project on the property.

Macy’s Plaza currently sits on a full city block, between 7th, 8th, Hope and Flower Streets. Construction is slated to begin in the first quarter of 2014 and will complete by the third quarter 2015. At that time, Macy’s Plaza will be renamed The Bloc.

“Our vision for The Bloc is for it to become the destination in the heart of Downtown Los Angeles; a truly unique urban experience for residents, visitors and workers,” said Wayne Ratkovich, founder and president of The Ratkovich Co. “As a cornerstone of the ongoing revitalization of our city’s center, The Bloc is continuing our commitment to profitably produce developments that improve the quality of urban life for years to come.”

The Bloc will be the largest single asset mixed-use property in Los Angeles. The property will contain more than 400,000 sq. ft. of outdoor retail space, a 700,000-sq.-ft. office tower and a 485-key Sheraton Hotel.

Johnson Fain is leading the design team, while Studio 111 is designing the retail component and McCartan will create the Sheraton Hotel interior. EPT Design will handle all the landscaping and streetscaping. The Bloc will be LEED certified and is likely to be the first Delos WELL Building Project in Los Angeles. The WELL Building Standard sets a number of guidelines for limiting environmental conditions that pose an immediate or long-term threat to residents.

CBRE brokers Jeff Pion, Deron White and John Zanetos will representing The Ratkovich Co. for the office space; while colleagues Scott Kaplan, Richard Rizika, Erik Westedt, Mitchell Hernandez and Katherine Wilson will handle the retail. Dick Schnell of Colliers International represented the buyer in the acquisition.