Vancouver-based developer Onni Group intends to buy the Los Angeles Times headquarters at 1st and Spring streets for about $120 million, the Los Angeles Business Journal (LABJ) reports.

The 750,000-square-foot Times complex consists of: a six-story 1935 building designed by Gordon B. Kaufmann; an adjoining 10-story 1948 building designed by Rowland H. Crawford; the 1973 Times Mirror wing structure; and an adjoining parking lot.

Onni plans to demolish the 1970s building on the corner of 1st and Broadway and replace it with apartments. The 1935 and 1948 buildings in the complex would be renovated to accommodate offices and retailers.

A previous deal for $140 million fell apart three months after it was struck in December, according to an anonymous source, LABJ reports. This news follows a slew of development projects in Downtown Los Angeles, including a new park at Pershing Square.