In 2004, plans were made to convert the building into condominiums. On June 23, 2005, the long-defunct clock tower was reactivated in a ceremony with city and preservation leaders to celebrate the building's 75th anniversary. Developer KOR Group, in conjunction with Killefer Flammang Architects, completed a two-year $80-million renovation of the building in 2006, turning the property into 147 condominiums, with interior redesign completed by the firm Kelly Wearstler Interior Design These live/work lofts showcase the timeless details of the early 20th century along with modern upgrades. The project earned California Construction Magazine's Best Redevelopment in 2007, McGraw Hill’s Best Redevelopment of '07 Award, and the 2007 Multi-Housing News Adaptive Reuse Award. The Eastern Columbia Lofts earned a 2008 Los Angeles Conservancy Preservation Award. The building is a participant in the Mills Act Historic Property Contracts Program.