Though the name suggests a subdistrict of the city, it is actually the name of the residential conversion project proposed by developer Tom Gilmore in 1998. Spurred on by the city's 1999 passage of an adaptive reuse ordinance, the first structure opened in fall 2000. Since that time, Gilmore has generally applied the Old Bank District label to his growing portfolio of upscale eateries and retail space tenants. On January 8, 2004, Old Bank District became an official city designated district. The borders are Third Street at the northern border, 6th Street ath the southern border, Los Angeles Street on the Eastern border, and Spring Street on the the western border (www.lacity.org.)
Notable Old Bank District loft residents include or have included actor Ryan Gosling, fashion designer Jeffrey Sebelia, and Speaker of the California Assembly Fabian Nunez, who represents the downtown area in the California State Assembly.