Emcee’s influencers earn up to 30% commission for every purchase made on the platform. Once the deal goes through, Emcee plans on commencing work on the redevelopment-though the company declined to pinpoint a specific date when construction might begin.Įmcee was founded in 2021 as an ecommerce platform that relies on internet influencers to promote and market brands. “This is the hottest location in Downtown L.A.,” Schreiber told dot.LA. Waterbridge Capital currently owns the property the investment firm is helmed by Joel Schreiber, an early WeWork investor who backed Emcee’s $6 million seed round in December. Photo by Eric ZassenhausĮmcee’s acquisition of the property is being financed by outside investors, none of whom the startup disclosed. The company wants the ground floor to operate like a futuristic shopping mall where in addition to physical storefronts, brands will maintain an augmented reality presence letting shoppers browse and buy online.īuilt in 1907, the building once stood as Hamburger’s Department Store it staffed about 1,200 employees and housed its own post office, public library and auditorium. “We decided to buy real estate to bring under one roof tens of thousands of creators, innovators, private companies, startups and public companies,” Aghayan said.Įmcee’s plan is to lure a combination of software developers, entrepreneurs and designers to the Downtown space, which it says will house a hotel, member-exclusive rooftop pool, restaurant and one floor of co-working offices. (The company did not disclose the purchase price.) Aghayan envisions the six-block-long building as a retail destination and co-working space that would accompany Emcee’s to-be-developed metaverse platform. Emcee says it wants to turn the building into the “Emcee Studio,” a tech hub and shopping center complementing its ecommerce and creator economy platform.Įmcee’s founder and chief executive, John Aghayan, told dot.LA that he expects to close the transaction by April. that once housed the city’s first department store but has been vacant for nearly a decade. On Tuesday, New York-based startup Emcee announced plans to buy the 1.1-million-square-foot Broadway Trade Center, a historic building in Downtown L.A.
A new creator economy startup wants to build a “metaverse hub” in the heart of Downtown Los Angeles.
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