The historic Subway Terminal, now Metro 417, opened in 1925 at 417 South Hill Street near Pershing Square, in the core of Los Angeles as the second, main train station of the Pacific Electric Railway; it served passengers boarding trains for the west and north of Southern California through a mile-long shortcut under Bunker Hill popularly called the "Hollywood Subway," but officially known as the Belmont Tunnel. The station served alongside the Pacific Electric Building at 6th & Main, which opened in 1905 to serve lines to the south and east. The Subway Terminal was designed by Schultze and Weaver in an Italian Renaissance Revival style, and the station itself lay underground below offices of the upper floors, since repurposed into the Metro 417 luxury apartments. When the underground Red Line was built, the new Pershing Square station was cut north under Hill Street alongside the Terminal building, divided from the Subway's east end by just a retaining wall. At its peak in the 20th century, the Subway Terminal served upwards of 20 million passengers a year.

The Historic Core is a district within Downtown Los Angeles that includes the world's largest concentration of movie palaces, former large department stores, and office towers, all built chiefly between 1907 and 1931. Within it lie the Broadway Theater District and the Spring Street historic financial district, and in its west it overlaps with the Jewelry District and in its east with Skid Row.