More Lofts for L.A. Fashion District
The Los Angeles Fashion District is becoming a place that people call home.
Coming on the heels of the grand opening of MJW Investment’s Santee Court loft project, Los Angeles developer The Kor Group announced plans to convert the historic Eastern Columbia Building, at Broadway and Olympic Boulevard, into 140 condominiums. The developer, who acquired the property from Denley Investments for $20 million, plans to invest $30 million in renovations and amenities, including a rooftop pool.
The building is one block away from the California Market Center and about onehalf mile away from Santee Court, where up to 550 units are planned.
While downtown has seen its share of rental loft developments during the past year, Kor is positioning this project as a for-sale property. The developer set preliminary prices from approximately $300,000 to $600,000. Penthouse units should top $1 million, said a Kor spokesperson.
Privately held Kor developed the successful Pegasus apartment community in downtown Los Angeles and the Viceroy hotels in Southern California’s Santa Monica and Palm Springs communities, as well as several other properties. Kor plans to spend about $30 million on the Eastern Columbia renovation.
The 13-story Eastern Columbia Building is a registered historical monument known for its art deco architecture and faccedil;ade covered in turquoise-colored terra-cotta tiles. Its famed clock tower has been a familiar backdrop in movies and television programs. The building, built in 1930, originally housed a retail clothing store and other businesses. It was converted to office space in the 1960s and currently houses several spaces for apparel manufacturers.
Kor has signed on Santa Monica–based architecture firm Killefer & Flammang to do the renovation plans and intends to build 140 apartment units. The developer intends to have the first units online sometime during the fourth quarter of 2005.
Sales should be strong. Mark Weinstein, chief executive officer of MJW, said he has more than 250 people waiting for 64 condominiums he has planned for Santee Court. Steve Needleman of Anjac Fashion Buildings sold out the Orpheum Lofts in about six months. The 37-unit rental property is about one block north of the Eastern Columbia Building.
“[The Eastern Columbia] project will be a linchpin for this area. It’s an unbelievable piece of property,” Needleman said.
Despite its proximity to the garment district, the Eastern Columbia property is not expected to lure many fashionistas. Most of Needleman’s and Weinstein’s tenants have been reverse commuters who work outside the area. —Robert McAllister
