The Jewel of Downtown LA: A Mills Act-Approved Loft at Rowan Lofts at 460 S Spring St #1016, Los Angeles, CA 90013 | Mills Act For Sale | Mills Act For Lease
Unveiling A Captivating Blend of History and Modern Living
Normally, I would not use sparkly words like “jewel” for most properties, but The Rowan Building deserves this appropriate moniker. In the heart of Downtown Los Angeles, a striking architectural beauty stands out amidst the skyline, offering a unique fusion of history and contemporary design. Situated in the prestigious Rowan Lofts, the newly listed unit #1016 brings a perfect amalgamation of timeless elegance, modern comforts, and breathtaking views—all at an asking price of $500,000. We will also discuss the Rowan Building, Historic Core neighborhood and Mill Act benefits.
Key Features:
734 Square Feet
List Price per Sqft: $681.20
HOA Fee: $695 Monthly
Year Built: 1912, Mills Act
Units in Complex: 206
The loft is ideally located at the corner of Spring St & 5th St, with the entrance accessible from Spring St. Street parking is available along Spring St or Main St, making it convenient for residents and visitors alike. The location is unbeatable, placing you near some of the most popular destinations in Downtown LA, such as The Last Bookstore, Grand Central Market, Perch, and Pershing Square.
Interior Excellence
Open Space & Natural Light
The interior boasts a spacious 734-square-foot layout drenched in an abundance of natural light, thanks to a wall full of double-hung mahogany windows. The generous placement of these windows offers unparalleled views of the Downtown LA skyline and Spring St Park.
Architectural Nostalgia
What sets this loft apart is the impeccable preservation of its historic elements. The original exposed brick walls and luxurious hardwood floors take you back in time while adding character and depth to the space.
Efficient Design
In an innovative twist, the loft features a closet wall that serves as a clever bed area separation, providing privacy without compromising the open-floor concept.
Kitchen
The kitchen doesn’t fall short either, complete with alluring granite countertops and backsplash, custom-made Scavolini cabinets, and Bosch stainless-steel appliances, including a 4-burner gas range.
Building Amenities
Outdoor garden
BBQ grilling stations
Hot & cold plunge pools
Resident’s lounge
On-site storage cages
24-hr security & concierge
Mills Act Advantage
One of the most compelling benefits of this property is its Mills Act approval. This gives homeowners massive property tax savings, with most seeing upwards of 70% off traditional tax amounts.
The Rowan Building: A Historic Landmark in the Heart of Downtown LA
An Architectural Gem with a Rich Past
Situated at the intersection of Spring Street and 5th Street in the vibrant downtown Los Angeles, the Rowan Building stands as a symbol of architectural prowess, cultural importance, and modern urban living. Built in 1912, this Beaux-Arts style building has been through various transformations that reflect the evolution of Downtown LA itself. It’s not just a building; it’s a landmark that has withstood the test of time.
The Facade: An Ode to Beaux-Arts Architecture
The Rowan Building is more than just another high-rise. Its exterior is a work of art, clad in original brick and terra cotta facade that has been preserved to maintain its historic charm. This captivating exterior is complemented by large, mahogany-framed windows that draw the eye and let in an abundance of natural light.
Interior Grandeur: Where History Meets Luxury
As you step into the building, you’re welcomed by vast hallways adorned with Carrera marble. The original copper and brass staircase banisters add a nostalgic touch to the luxurious ambiance. The sense of grandeur isn’t just confined to common areas; it extends to individual units like the recently listed Loft #1016, where residents can enjoy luxuries such as hardwood flooring, original exposed brick walls, and large mahogany windows.
Living in the Rowan: Amenities & Lifestyle
Unique Amenities
Residents of the Rowan Building don’t just get an apartment; they get a lifestyle. Among the amenities are:
- A serene outdoor garden
- BBQ grilling stations for culinary enthusiasts
- Hot & cold plunge pools for relaxation
- A resident’s lounge designed for socializing
- On-site storage cages for extra convenience
- 24-hour security and concierge services for peace of mind
Community Living
The Rowan Building fosters a sense of community through shared spaces such as the resident’s lounge, outdoor cooking areas, and the garden. These spaces allow neighbors to come together in a city that often feels too big.
The Neighborhood
The Rowan is not just a building but a part of a bustling community. Downtown Los Angeles offers a plethora of lifestyle options, from theatres and galleries to restaurants and shopping centers. Iconic establishments like The Last Bookstore, Grand Central Market, and Pershing Square are just a walk away, offering residents an unparalleled urban experience.
The Mills Act Advantage: A Win-Win for Homeowners and Preservationists
Perhaps the most unique aspect of the Rowan Building is its Mills Act-approved status. This means that the building has been recognized for its historical significance, and homeowners are rewarded with substantial property tax savings, often upwards of 70% compared to standard rates. This not only makes owning a property in the Rowan more affordable but also contributes to the preservation of Los Angeles’ architectural history.
The Mills Act in Los Angeles: A Boon for Historic Preservation and Property Owners
What is the Mills Act?
The Mills Act is a California law enacted in 1972 that provides financial incentives to property owners who actively participate in the restoration and preservation of designated historic properties. Under the Mills Act, local governments can enter into contracts with owners of qualified historic properties, who in return commit to maintaining and improving their property in accordance with specific historic preservation guidelines. These contracts are typically for a period of ten years and are automatically renewed annually.
The Financial Incentive: Property Tax Savings
The most attractive feature of the Mills Act is its provision for substantial property tax reductions, often as high as 50% to 70% compared to regular rates. The tax savings are designed to offset the costs that homeowners may incur when maintaining, repairing, or restoring a historic property. This results in a win-win situation where cities like Los Angeles retain their historic character while property owners benefit financially.
Qualifying for the Mills Act in Los Angeles
In Los Angeles, a property must usually be designated as a Historic-Cultural Monument or be part of a Historic Preservation Overlay Zone (HPOZ) to be eligible for Mills Act benefits. The application process generally involves:
Preliminary Review: Submit an application for preliminary review by the Office of Historic Resources.
Property Inspection: A site visit is conducted to ensure the property meets the standards of historical significance and is in a condition worth preserving.
Contract Proposal: If approved, the homeowner must prepare a Mills Act contract proposal, outlining the planned restoration and maintenance projects.
Approval: The proposal is reviewed by the Cultural Heritage Commission and other governing bodies before final approval by the City Council.
Contract Execution: Once approved, the Mills Act contract is recorded against the property, formalizing the agreement and initiating the tax benefits.
How it Impacts Downtown Los Angeles
Downtown Los Angeles is home to numerous historic buildings that have been preserved through the Mills Act, like the Rowan Building. These buildings add to the area’s cultural, historical, and architectural richness, enhancing its appeal as a residential, commercial, and tourist hub.
Living in a Mills Act-Approved Property: The Perks
Financial Savings: Significant property tax reductions make it more affordable to own a piece of history.
Investment Value: Mills Act properties often have strong resale values due to their historical significance and preserved features.
Preservation: Being a part of a larger movement to preserve the architectural and cultural history of the city is emotionally rewarding.
Community and Culture: Owning a Mills Act-approved property often means living in an area with other historic buildings, contributing to a unique and enriching environment.
Tax Benefits for Heirs: The Mills Act contract is tied to the property, not the owner. This means that the tax benefits can pass on to heirs, making it an attractive long-term investment.
The Mills Act serves as a unique and effective tool for the preservation of historic architecture while offering financial incentives that make such properties attractive to own. In cities like Los Angeles, where the juxtaposition of old and new creates a vibrant urban tapestry, the Mills Act ensures that the past continues to live alongside the future.
For anyone looking to invest in a property with both character and financial advantages, a Mills Act-approved property like the loft at the Rowan Building can offer the best of both worlds.
Note: Before purchasing or applying for a Mills Act contract, it’s advisable to consult with legal and financial professionals to understand all implications fully.
The Rowan Building offers more than just an apartment—it offers a slice of history, a community, and a luxurious lifestyle in the heart of one of the world’s most vibrant cities. Whether you’re an individual looking to immerse yourself in the cultural fabric of Downtown LA or an investor searching for a unique property with tax benefits, the Rowan Building stands as a compelling opportunity.
For a chance to be a part of this historic and modern journey, consider the recently listed Loft #1016. It’s not just a place to live; it’s a place to belong.
460 S Spring St #1016 offers a rare chance to own a piece of Los Angeles history without sacrificing modern luxuries. With its top-notch amenities, stunning views, and tax advantages, this property is more than just a home—it’s an experience, an investment, and a lifestyle all wrapped into one.
If you’ve ever had a dream of embracing the quintessential Downtown LA lifestyle while enjoying historical charm, look no further. Welcome home to the Rowan Lofts.
For more information and to schedule a tour of several lofts in Los Angeles, call Corey Chambers, Broker 213-880-9910. Get a free list of amazing historic Mills Act historic lofts. Fill out the online form:
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Copyright © This free information provided courtesy L.A. Loft Blog with information provided by Corey Chambers, Broker DRE 01889449. We are not associated with the seller, homeowner’s association or developer. For more information, contact 213-880-9910 or visit LALoftBlog.com Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Text and photos created or modified by artificial intelligence. Photos have been altered for artistic purposes, and are not intended to represent an actual property. For actual property photos, see the listing property details. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.
