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First Residential Adaptive Reuse Project in Downtown Fashion District Sold Out
Published: August 03, 2007
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By Matthew Marin, Associate Editor
Los Angeles -- The Textile Building, one of seven historic buildings being developed into downtown loft homes, developed by MJW Investments, has sold its final unit, becoming the first adaptive reuse building in downtown Los Angeles' Fashion District to sell out.
The 500-unit Textile Building is part of Santee Village, a community of seven buildings being developed in the Fashion District by MJW. Santee Village is currently selling loft homes in three additional buildings, The Santee, The Eckardt and the Cornell. These three buildings offer an additional 216 lofts ranging from approximately 700-sq.-ft. open floor plans to a 2,000-sq.-ft. penthouse, starting from the low $300,000's to $1.3 million.
Included within Santee Village is Santee Courtyard, a block-long, landscaped central courtyard and retail center. Santee Courtyard features restaurants offering an eclectic mix of foods from around the world as well as a market and drugstore, all flanking a large fountain and planters brimming with lush tropical plants.
"This project creates a more balanced district where people can live, work, play," Mark Weinstein, president of MJW Investments, tells MHN. "It provides a lot of things that were never in the neighborhood. It's a concrete jungle and this provides a lot of open, green space."
Designed by Florence Casler in 1923 and built in 1926, the 12-story Textile Building has been declared an historic landmark by the City of Los Angeles and is listed on the National Register of Historic Places by the U.S. Department of the Interior. Because of the historic significance of the property, it was the first downtown adaptive reuse loft project to offer buyers reduced property taxes under the Mills Act. Homeowners received up to, if not more than, 70 percent off their property tax bills, saving thousands of dollars annually in property taxes.
Architectural elements include ceilings up to 12 feet and oversized windows that provide dramatic views of the downtown skyline. Urban finishes such as concrete floors, stainless steel countertops, and appliances with industrial cabinets are included in all units. A rooftop retreat with LA views offers a swimming pool, hot tub, fitness center, basketball court, putting green, barbeque area and lounging areas.
