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Ready for 2012: Seven Housing Projects to Watch
Los Angeles Downtown News
Jan 02, 2012 :
Ready for 2012: Seven Housing Projects to Watch
DOWNTOWN LOS ANGELES - For a community that has been defined by the residential revolution of the past decade, 2011 was a slow year. Only a few new housing projects came online. In that regard, Downtown Los Angeles was like much of the nation.
The coming year, however, should be different. The housing slowdown meant that a few projects people expected years ago are now likely to welcome residents in the next 12 months. These are some of the apartment and condominium complexes where Downtowners will find their new neighbors.
Apex Aims High: The sleek black South Park edifice long known as Concerto got a new name in 2011, courtesy of its new owner. ST Residential, which pried the 30-story, 271-unit tower at Ninth and Figueroa streets from Sonny Astani, renamed the structure Apex. The New York-based subsidiary of Starwood Capital plans to open the building as apartments in spring 2012. The firm did some remodeling to the lobby and the pool deck, and continues to work on final construction inside units.
Living in a Barn: The project born as the Barn Lofts has been one of the most eagerly anticipated Downtown developments for several years. Now renamed 940 E. Second Street, the edifice launched by Mark Borman has been taken to the finish line by Canyon-Johnson Urban Funds (Borman remains involved). Sales of the 38 three-story residences began in late 2011, but this is the year that the project in a former sugar beet warehouse will add a real residential base to the Arts District. It will also be a key test for the condo market: Units in the first phase are approximately 1,300 square feet and go for $510,000-$585,000.
One Hot Corner: If all goes as planned, 2012 will be the year that the Historic Core debuts its first intersection with residential buildings on all four corners. That's because Downtown Management's under-construction Chester Williams Building is slated to open by June. The developer is nearly finished transforming the 75-year-old edifice into 88 apartments, and there will be a Walgreens on the ground floor by the summer. The southeast corner of the intersection holds the Jewelry Trades Building, SB Grand is on the southwest and the northwest corner has the Metropolitan.
City of Angelena: Developer Sonny Astani is planning a splash in 2012 with Angelena at Eighth and Grand, a 700-unit apartment complex in two glass, steel and concrete structures. The project represents a downsized version of Astani's previously planned 875-condo project. Financing for Angelena will be in-house, and includes $50 million already attached to the project. Angelena does not have a firm timeline, but a 240-unit first phase is expected to break ground in 2012. Plans include retail space suitable for a grocery store.
Seven and Bread: Linear City, developer of the Toy Factory and Biscuit Company lofts, continues to work on Seven and Bridge, the three-building, 78-apartment project formerly known as the 2121 Lofts. In April, Linear City completed phase one, a 19-unit structure. Phase two was finished in the fall. A third building in the project near Seventh and Santa Fe streets in the Arts District is due for completion in February, said company partner Yuval Bar-Zemer. Seven and Bridge also expects to have two food operations in 2012. Breadlounge, a bakery, is on pace to open in January, and an Italian eatery by former Angelini Osteria executive chef Ori Memashe will arrive in October.
Gazing at the Gallery: The Barn Lofts is not the only new Arts District condo project. A certificate of occupancy is expected for the Gallery Lofts in early January, and move-ins will begin shortly thereafter. The project formerly known as Hewitt First had stalled until last year, when it was purchased by San Diego-based Pacifica Companies. The 33 condos at 120-130 S. Hewitt St. range from 900-1,700 square feet. Prices are $345,000-$515,000. The residences feature granite countertops, stainless steel appliances, tiled showers, open beam cathedral ceilings and original brick walls.
Alameda and Fourth: Just like the Ginsu knife set, Wait! There's more housing in the Arts District! Also set to debut this year is a $20 million transformation of a six-story building at Alameda and Fourth streets. The 1923 structure was initially planned as condominiums but will open as apartments instead. Move-ins are expected by April for the 53 artist-in-residence lofts that will range from 650-2,400 square feet. No pricing information has been revealed for the long-in-the-works effort.