Demand Still Strong for Fashion District Lofts

The first major condominium project in the Los Angeles Fashion District is a wrap.

Santa Monica, Calif.–based developer MJW Investments has sold the final two of 64 lofts in phase two of its Santee Village mixed-use community. The Textile Building lofts at 315 E. Eighth St. have been selling for prices ranging from $350,000 to $1 million, based on their sizes, which run from 650 to 1,675 square feet.

The project was the first adaptive re-use project in the Fashion District, said MJW Chief Executive Officer Mark Weinstein. The 84-year-old building is listed on the National Register of Historic Places by the U.S. Department of the Interior. Its historic status allowed buyers to save on property taxes provided under the Mills Act.

Santee Village, a seven-phase project, has three remaining developments under construction, which contain 216 for-sale units, the first set scheduled for completion by Sept. 1. Fifty units have already been presold, said Weinstein.

“We had an event over the weekend with 450 people here. There are still great opportunities in housing because interest rates are still attractive.”

A new Ralphs supermarket, which opened less than a mile away from Santee Village, has also enhanced the downtown living experience, added Weinstein.

“It was the last missing link to making living downtown more convenient.” —Robert McAllister