Meieran acquired the approximately 40,000-square-foot space at the northwest corner of Seventh and Spring streets in the wake of the recent settlement of a four-year-old legal battle with the property's former owner, Bartlett developer Barry Shy. The space is currently divided into 10 storefronts.

Shy and Meieran both declined to discuss the settlement because they are bound by a confidentiality agreement. But they said the transfer of the Bartlett space relates to the settlement and the resolution of several business deals.

"The fact is, we took control of the space," said Meieran, who intends "to restore the historic storefronts" and bring in new restaurant, cafe or similar uses in an effort to add nightlife to the corner.

The deal comes just as Meieran begins work on a $3 million renovation of Clifton's. The project, which broke ground on Monday, Sept. 26, will add three new bars to the iconic eatery, which at 648 S. Broadway is a block away from the Bartlett.

Residents of the Bartlett, who over the years have had a combative relationship with Shy - the building's homeowners association is currently in a legal dispute with the developer - greeted news of the acquisition with excitement.

"Andrew will bring the historical preservation factor along," said Bartlett resident Jeannine Denholm. We respect him and support him and look forward to working with him to making Seventh and Spring, and our building, a better place."

Denholm is among the residents who recall the retail spaces' low point. In 2007, one spot was briefly occupied by an adult video store. Angry condo owners complained en masse to Shy. Shy said the tenant had not been upfront about his business plan, and the video shop was evicted after one month.

Turning a Corner

In terms of Downtown retail growth, some stakeholders consider the intersection of Seventh and Spring streets to be an important but somewhat neglected puzzle piece. To the north on Spring Street, the Historic Core has blossomed into a restaurant, bar and boutique-laden strip. To the west, Seventh Street has become an unofficial "Restaurant Row."

"That corner really affects two neighborhoods stretching from the Financial District, all the way into the Old Bank District," said broker Derrick Moore, first vice president at CB Richard Ellis. "So it's critically important, and to have Andrew with all his creativity and his success here, taking over the retail, it's welcome news."

Moore represents the owners of the Van Nuys Building at the southwest corner of Seventh and Spring streets. The property, which underwent a major renovation in 2008, currently houses a dress shop and a salon. Moore said he is also in final negotiations with a furniture design company to lease the remaining retail space. He expects the company to open within two months.

Meieran said he considers the Bartlett an opportunity to bridge a gap between Spring Street revitalization and Broadway, which has largely remained a hub of swap meets even as Spring and Main streets have attracted an array of new businesses. The chief lure on Broadway, he hopes, will be the revamped Clifton's.

That vision is for the future. For the present, the deal marks what seems to be the end of a drawn-out and often bitter legal battle between Meieran and Shy, former business partners on two Downtown developments: the Higgins Building, home of the Edison, and the SB Manhattan, an apartment complex at Sixth and Spring streets.

Meieran sold the SB Manhattan to a partnership controlled by Shy, but he retained the basement and corner commercial spaces. Meieran later sued Shy after he claimed the basement - a former bank vault where he planned to build a bar - was destroyed during construction.

As part of their various resolutions, Shy took control of the commercial spaces at the SB Manhattan. He too is thinking about upgrades.

"We are looking for the best potential improvement," Shy said of the corner and basement spaces in the building. "It's kind of sitting like an eyesore on the corner. We might put a restaurant or bar or anything of this nature. It's a very desirable corner and we're going to look for tenants to occupy the space."