OverviewPressLinks Back to Press page MJW Investments Publish Date: 06/30/2003 Los Angeles Business Journal By: Michael Thuresson Summary: One of the early downtown residential developers, MJW got into the game with the $19 million purchase of 10 aging industrial buildings in L.A.'s Fashion District in 1998. The 780,000-square-foot site is now in the midst of a $120 million development as a mixed-use residential/retail project. The development, on Los Angeles Street between 7th and 8th streets, is now known as Santee Court. "Manufacturers are moving out of the area and the need for affordable housing is great," said Mark Weinstein, chairman of MJW Investments. The biggest challenge has been attracting lenders downtown to finance the conversion of aging industrial buildings to apartments, even as more of these buildings come available. "Because rents and permits are cheaper elsewhere, the trend is manufacturers vacating central L.A.," said Joe Rodriguez, executive director of the Garment Contractors Association of Southern California. "Many are shutting down because production is moving offshore. Those involved with business improvement in the area see mixed-use development as a blessing. "It will be much more pedestrian-oriented with better facilities and connections to trains," said Kent Smith, executive director of the L.A. Fashion District's business improvement district. Santee Court's first phase, comprised of three high-rise apartment buildings, will have 165 loft-style rental units with an' average rental price of $1,400. There will also be 40,000 square feet of retail space on the ground floor. Phase One is scheduled to open early next year. The second and third phases will have a similar apartment/retail mix, and both are scheduled to open within 18 months. A portion of the yet to be completed apartments will be for-sale condos.