While the rest of Downtown LA has been undergoing a complete makeover the past several years, the once-celebrated, but now seriously out-dated Macy’s Plaza, located on 7th Street and Figueroa, has remained stuck in time as an eyesore amidst the renaissance. Now, thankfully, that is all about to change.

This past week, LA-based developer The Ratkovich Company, which purchased the property back in May for $241 million, released renderings for its $160-million dollar renovation, showing, as The Agency’s Brigham Yen notes, “a completely transformed retail center that actively engages 7th Street.”

The 2.4-million square foot space is being transitioned into “The Bloc,” and will include an outdoor center, a second-floor retail level and a direct METRO connection, according to Yen.

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Because Macy’s and The Sheraton Hotel are the plaza’s staples, they will stay but receive major upgrades. Yen reports: “Macy’s will be updated to flagship status, according to sources, offering a higher quality selection of brand merchandising. Sheraton Hotel will be receiving a $40 million upgrade as well.”

Additionally, the space will become more community-friendly, with outdoor restaurant seating, sidewalk-front escalators, and more entrances around the building; these features are meant to attract tourists and community members alike.

For information about the renovations, which will begin in 2014 and be completed in late 2015, visit theblocdowntown.com. Visit Yen’s blog for daily posts about the latest developments in DTLA.