Fashionable Living
Publish Date: 02/21/2005
Fashionable Living
Santee Court Fuses History With Urban Style
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MJW Investments is leasing loft apartments for the first phase of its $130 million adaptive reuse development, Santee Court. As the largest adaptive reuse endeavor underway in Los Angeles, this marks a pivotal moment in Downtown's effort to provide mixed-use, mixed-income housing.
Over the past year, Santee Court has accumulated a waiting list for pre-leasing tours as prospective Downtown-bound residents search for unique loft housing at reasonable rents. These historic and industrial lofts range from 650 to 1,300 square feet, and rents range from $1,090 to $2,750 with the average space leasing for about $1,500.
"Our median rents are targeted for city workers and local Downtown employees," says Mark Weinstein, founder and president of MJW Investments. As one of the only developers voluntarily including 20% affordable housing for the workforce community, he is confident in the neighborhood's growth. "With eight separate buildings, our project has a critical mass that no other adaptive reuse project in the city of Los Angeles is able to offer."
Located on the southeast corner of Los Angeles and Seventh streets, the first three buildings to open - the Connell Building, the Bailey Hat Building and the Brownstein-Louis Building - will house a total of 44 floor plans designed to make the best use of the space and high ceilings. "Offering diverse floor plans affords our tenants flexibility to fit their diverse needs," explains Brad Gwinn, vice president of development.
Phase One, which was completed earlier this year, consists of 165 lofts for rent and 40,000 square feet of retail space.
Santee Court's buildings are local historic monuments. After renovation, the three-phase project will include 552 loft/condominiums, 100,000 square feet of retail space, a series of rooftop amenities, and a 400-foot-long courtyard/promenade.
"What it comes down to is this," explained Weinstein to the Los Angeles Business Journal. "You have the choice of living in something with character and historic charm, or you can settle for a traditional apartment with four flat walls."
For more information call (213) 623-8101 or visit www.santeecourt.com.
page 25, 2/21/2005
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