One Santa Fe, Arts District’s Crown Jewel is Nearing Completion
- Mar 24, 2014
One of the projects that marked a new uptick in development for Los Angeles is just months away from coming to market. The One Santa Fe mixed-use development, featuring the backing of real estate company Canyon Capital Realty Advisors, is poised to reposition an underutilized area of downtown L.A. The project, whose initial investor was Goldman Sachs Urban Investment Group, is now three quarters of the way into construction, and it will add retail, housing and art space to the area located between First and Fourth Streets, along Santa Fe Avenue.
Once completed, One Santa Fe will offer a total of 510,000 square feet of mixed-use space featuring a residential component of 438 residential units. The 80,000-square-foot retail component is already 50 percent leased, further underlining the area’s recent economic growth and need of new space. Backed by the Canyon-Johnson Urban Fund III, One Santa Fe is a $160 million investment in the emerging Los Angeles Arts District, one of the future focal points of the city’s downtown area. Eighty-eight of the community’s residential units are designated as affordable housing, while the remaining 350 will be made available at market rate prices. Access to the development will be made easy by the nearby Metro Gold Line at the Little Tokyo/Arts Districts Station, as well as the forthcoming Metro Red Line which has a proposed Arts District Station that connects to the “Subway to the Sea” project.
The project’s economic impact on the area is considerable as around 1,900 short-term jobs were created during the development process, and roughly 400 permanent positions will have been created once the project is occupied.
According to a recently issued press statement, Goldman Sachs Investment Group is going to be the purchaser of One Santa Fe’s housing tax credits and New Market tax credits.
Architecturally speaking, the Michael Maltzan-designed development will feature flourishes that will link it with its surroundings. The industrial style adopted by the architect is evocative of the area’s heritage, as well as the nearby Los Angeles River and the nearby Southern California Institute of Architecture, which was formerly a freight depot.