Building – Page 18 – LA Loft Blog

701 Hill Street, Los Angeles, CA 90014

NEW LOFTS DOWNTOWN LOS ANGELES – Plans have changed several times regarding the renovation of the Downtown LA Jewelry District’s historic Foreman and Clark building into new lofts for sale or for lease. #foremanclark #millsact

Foreman Clark Building Historic Core DTLA

REAL ESTATE NEWS – The developer had previously planned to create a mixed-use conversion and and/or a hotel. New homes: The latest construction plans filed with the City of Los Angeles planning department state that the Canadian developer Bonnis Properties intends to convert the 1929 building into residential use with 8,500 square feet of retail space on the ground floor. It is not clear yet if the new lofts will be for sale or for lease, but making loft apartments for lease is more likely based on what most other developers have decided to do recently. They are making a pretty penny on the high rents, and the big developers obviously believe that rents will continue their upward trajectory for loft conversion rentals. Prospective home owners can get onto the New Homes Interest List at no cost.

The 13 story historic Foreman and Clark building at 7th and Hill Streets was originally designed by Curlett & Beelman Architects. The structure was once home to the flagship store for men’s clothing retailer Foreman and Clark on its second through fourth floors. The clothier moved out of this location in the 1960s.

The Art Deco Gothic building is a city Historic-Cultural Landmark for its architectural elements, and because it exemplified the expansion of the early Broadway shopping district according to its application for landmark status.

A bar and restaurants may or may not be the anchors of the future renovation, depending on who you ask and when. We have also been told that it is actually 165 units that are slated to be created for residential use.

It is also said that the developer intends to fill out the 1920s Foreman and Clark building with 124 market-rate apartments (meaning none will be set aside for low-income tenants), with sizes ranging from 470 to 1,075 square feet. The loft redevelopment will also include two penthouses, which will be converted from space that was historically used as mechanical rooms. Hopefully the developer will keep . The penthouses measure about 1,300 and 2,600 square feet, respectively, with the larger penthouse being a prized two-story luxury condominium unit.

The Foreman and Clark building, which sits at the corner of 7th and Hill streets, is rectangular for the first four floors, but then it splits into a U-shaped structure, meaning that on top of the 4th floor, there is open space to be made into communal space for residents.

There will be no parking on site. The building’s never had parking, says Bartolo, and there are no plans to add any.

Bonnis is applying tax credits under the Mills Act right now and also seeking permits. Construction is scheduled to start some time in the next 12 to 15 months. The architect is Los Angeles-based OKB Architects.

Save on property taxes by owning a Mills Act historic building loft condominiums. Get Mills Act properties free list and information in your email. Fill out the online form:

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LOFT & CONDO LISTINGS DOWNTOWN LA [MAP]

Copyright © This free information provided courtesy L.A. Loft Blog and LAcondoInfo.com with information provided by Corey Chambers, Realty Source Inc, BRE#01889449 We are not associated with the homeowner’s association or developer. For more information, contact (213) 880-9910 or visit LAcondoInfo.com Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.

The L.A. Loft Blog has received word that several qualified buyers are trying to purchase a loft in the Higgins Building, which sits conveniently between Downtown’s Historic Core, Civic Center and Little Tokyo neighborhoods. #higgins #building

HIGGINS LOFTS FOR SALE | FOR LEASE | UNLISTED | SOLD

The building was scary just a few months ago when a proposed special assessment was coming up for a vote, and few details were available on the fate of the structure and its residents. The only thing known was that a big bill may or may not be coming for every homeowner in the Higgins.

Home to America’s 2nd largest cluster of government workers, Downtown Los Angeles now provides an astounding 500,000 jobs. The Higgins directly benefits from the LAPD headquarters across the street that provides nearly round the clock vigilance by police in and around the building, and a large lawn that has become a very popular defacto dog park. The residents are quite happy, but a $15,000 to $30,000 question about a potential assessment can really put a crimp on future plans.

Now that the Higgins homeowners association has recently passed its special assessment to pay for a $4 million renovation, the future is clear and bright for the Mills Act historic building. The crumbling facade will be completely replaced with a newly restored exterior, complete with incomparable details, which could never be duplicated by new construction. Historic building engineering specialists Simpson Gumbertz & Heger have provided a proposed facade restoration plan that gives a glimpse of the many fixes. See it the hoa-proposal. Higgins unit number #705 what was listed for sale and received few offers during the holidays, suddenly received 4 offers in 2 days, and has several other interested buyers who have expressed interest, including several all cash buyers.

A new Metro station is under construction across the street on Spring, which will add a lot of transportation convenience and urban value to the building when the big construction project is completed in 2018.

Several buyers, including some all cash buyers, are actively trying to buy a Higgins loft around 650 to 750 sq ft or more, around the price range of $375,000 to $475,000 or so. Those who might know an owner of a Higgins loft (or a similar building nearby) who may be interested in selling can notify the L.A. Loft Blog at higgins@laloftblog.com or call (213) 880-9910 so that a free online home evaluation can be provided to the homeowner.

Investors and prospective home buyers can get a free heat map of local building values, building types, estimated equity, recent sale, foreclosure, owner occupied, turnover, year built, property type, square footage, assessed value and mortgage debt, all visible as color maps at a glance. Get a free heat map of home values in the Downtown area. Fill out the online form: