Mills Act – Page 68 – 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.

Downtown is dangerous! That has been occasionally true, especially when visitors and residents do not have all of the best information. Living and working in Downtown and its surrounding neighborhoods can be quite safe, efficient and really fun when we have access to the right knowledge. Providing accurate information is of paramount importance to buyer, sellers, renters, landlords and real estate professionals. #lofts #millsact

Because lofts are among the more complicated properties to deal with, they can be more difficult to figure out, and more challenging to understand. Involved with tough issues such as the Los Angeles Adaptive Re-Use Ordinance, Mills Act, lawsuits, litigation, unwarrantable buildings, incomplete financials, dwindling reserves, lending issues, FHA/VA conflicts, homeless issues, lawlessness neighborhoods, live/work designation confusion, special assessments, new construction, changing skylines, rapid growth, gentrification — just to name a few issues, lofts can be quite a handful as far as providing and receiving accurate information.

Take Alta Lofts as a recent example. A for sale listing recently stated that Alta Lofts is a Mills Act approved historic loft building, which it most certainly is not. Being an Alta lofts resident, I pay county property taxes on the property, have been involved with more than 10 transactions in the building, and I’m an Alta loft specialist real estate professional. Only approved historic buildings with original facade and windows intact are eligible for Mills Act tax benefits. Prospective residents should check with an attorney, tax professional and Los Angeles County regarding Mills Act.

Sellers are required to provide accurate information and to disclose any information about conditions that could affect the value of the home. Some sellers wrongly believe that they can get more money for the property and protect themselves by using an out-of-area agent to sell the home because the agent does not know about all of the downsides and defects. The reverse is true of course. A local specialist who knows the pros and cons of the building can protect the seller by properly disclosing information and by correctly selling the benefits of the property and the upsides of its condition. A local specialist real estate professional is the best protection for a buyer as well, and the buyer can get the very best assistance at no cost to the buyer because the seller pays for the buyer’s agent.

To avoid buying, renting or selling a property with inaccurate information, prospective residents can also request any type of information free from the L.A. Loft Blog. Fill out my online form. Fill out the online form:

<a href="https://laloft.wufoo.com/forms/m1spfx910pdzxmx/" target="_blank" rel="noopener noreferrer">Fill out my Wufoo form!</a>

LOFT & CONDO LISTINGS DOWNTOWN LA [MAP]