The Los Angeles Times (May 9, 2014) reports that Downtown Car Wash in downtown Los Angeles has been sold for an estimated $25 million.

The wash site is located across the street from L.A. Live and was purchased for $525,000 in 1980. The buyer, a local developer, plans to build a high-rise hotel-and-residential complex on the site at the busy intersection of Olympic Boulevard and Figueroa Street.

According to the newspaper, the seller, Robert Bush, built the car wash in 1980. Although the selling price was not disclosed, Bush was asking $25 million for the 36,300-square-foot lot.