One of Palm Springs’ best-known commercial properties, the 1968 Alan Ladd Building on South Palm Canyon Drive, has a new owner with a fresh vision.
John Monahan, who retired after 25 years as a healthcare company executive, has purchased and renovated the building, now called The Five Hundred. He’s transforming the one-time hardware store and retail center into a professional office building with world-class amenities.
“I’ve been driving on Palm Canyon Drive for 20 years, and never in my dreams did I think that I’d buy the Alan Ladd Building,” says Monahan, who found passion for real estate and renovation while rehabilitating residential properties. “I saw it for sale, the price was right, it needed lots of TLC, and I told my realtor this could be my next project.”
Monahan, a Coachella Valley visitor since the 1980s and part-time resident since the ’90s, wants Palm Springs to be proud of The Five Hundred, which will be a magnet for those wanting contemporary offices in a prime downtown location. “It’s a landmark building with good bones, an excellent location, and a great history.”
The Five Hundred caters to entrepreneurs, professionals, and financial institutions with distinctive amenities such as a 12-person boardroom, a sundry store, and Ristretto Café, which will offer a concierge service. “It’s an amenity not found in any other office building in Palm Springs,” Monahan beams. “Every tenant’s employees will have an account. They can order online, and we’ll deliver to them. It’s all about customer service.”