More Lofts for Downtown L.A. Urbanites
The loft craze in downtown Los Angeles continues to lure young urban professionals from the fashion industry and beyond. The latest development comes from apparel industry business owners involved in real estate.
The Emrani family, which owns Emday Fabrics in Los Angeles and is partners in Los Angeles–based Venice Investments, just opened the Packard Lofts, 116 rental units at Hope Street and Olympic Boulevard.
“We’ve been involved in real estate for years. We were going to do a number of things with this building, but when housing got big, this was a natural choice,” said Yahouda “Youdi” Emrani, general partner of Venice Investments, at the opening- night party held Feb. 1.
The company spent the last four years developing the historic building, which opened in 1914, housing a distributor of Packard automobiles. At another point, the Deco Moderne building was home to KFI radio, with huge radio towers flanking it. Emrani was considering turning the building into a telecom facility a few years ago, but while he was planning that endeavor, lofts became popular downtown.
“This is great for people who don’t want to drive and would like to enjoy some high-class living,” Emrani said.
The units feature 12- to 20-foot ceilings, polished concrete floors and wood flooring in the penthouse units. Private balconies, oversized windows and exposed ductwork are among other features. Amenities include spa and fitness facilities, an atrium and secured parking.
The lofts are a half block from the Fashion Institute of Design & Merchandising and about five blocks west of the Los Angeles Fashion District. A Ralphs grocery store is scheduled to open nearby later this year, followed by the L.A. Live development, which includes retail shops, hotels and concert venues next to the Staples Center.
The lofts are also classified as live/work units, allowing tenants to write off two-thirds of lease rates, which run from $1,650 to $5,600 for units from 600 to 2,200 square feet.
At the opening, the Emranis brought in a number of classic Packard cars from the Earle Anthony collection. Flapper girls, live music, and plenty of food and drink were part of the event, which was held in conjunction with the Los Angeles Central City Association. —Robert McAllister
