Large 2-Story Loft with Downtown Views: Higgins Building Penthouse with Private Rooftop Terrace For Lease

Live the High Life in DTLA’s Finest Penthouse at 108 W 2nd Street | 2,600 sq ft total living, productivity and private outdoor space!

REAL ESTATE NEWS (Los Angeles, CA) — If you are looking for the ultimate live/work space in Downtown Los Angeles, look no further than the Higgins Building Lofts at 108 W 2nd Street. This landmark condominium building was designed in the Beaux-Arts style by Architects Arthur L. Haley and A.C. Martin in 1910 and has been updated to include all the modern amenities you could want in a home. | PROPERTY DETAILS

The Higgins Building Lofts are in the heart of Downtown LA, surrounded by some of the city’s most iconic buildings including City Hall, the Historic LA Times Building, the LAPD Headquarters, and the Caltrans headquarters. With its impressive architecture and prime location, it’s no wonder that this building has become one of the most sought-after residential spaces in the city.

The Higgins Building Lofts is home to some of the finest penthouses in DTLA, and the dramatic two-story (3-level) live/work loft at 108 W 2nd Street, Unit 1007, is one of the most impressive. With a total of 1,700 square feet of living space and a 900 square foot private landscaped rooftop patio, this loft is the largest at the Higgins Building. The patio is furnished and includes a water feature, making it the perfect space to relax and take in the stunning views of the city.

The big, 3-level loft unit boasts 20-foot ceilings and huge windows on both sides, creating an open and spacious feel throughout the home. The gourmet kitchen has been upgraded with Thermador stainless steel appliances, marble countertops, and a center island. The designer bath features marble and inlaid tile finishes, and the incredible skyscraper views can be enjoyed from the comfort of your own home.

The large, open living space is perfect for entertaining guests and features custom lights, finishes, closets, window treatments, washer/dryer, and storage. The back bedroom is quiet and private, while the dramatic spiral staircase leads to the primary bedroom on the second level. From there, you and your guests can enjoy one of the largest private rooftop patios in Downtown LA with breathtaking panoramic skyline views. | PHOTOS

The Higgins Building Lofts is located next to the LAPD Admin / dog park and is within walking distance of many restaurants, bars, shopping, and nightlife. The Civic Center, Grand Park, Disney Concert Hall, Museums, Music Center, and Little Tokyo are all just a short walk away, making this an ideal location for those who want to be in the heart of the action. Affordable parking is nearby, or premium parking in the building is sometimes available upon request.

In addition to its prime location and stunning architecture, the Higgins Building Lofts also offer a range of amenities that make it one of the most desirable residential spaces in Downtown LA. The building features a rooftop common area, 24/7 security-guarded entrance, and the world-class Edison Bar in the basement. The lobby entrance is graced with vestiges of classic detailing including mosaic tile flooring, meticulous ironwork, imported marble wainscoting throughout the hallways, original zinc covered doorways, and windows.

If you are looking for a pet-friendly home, the Higgins Building Lofts is the perfect place for you. The building is also covered under the Mills Act, which provides significant property tax savings to owners of qualified historic properties. Whether you are looking for a place to call home or a live/work space in the heart of Downtown LA, the Higgins Building Lofts has something for everyone.

In conclusion, the Higgins Building Lofts at 108 W 2nd Street in Downtown LA is one of the most impressive residential spaces in the city. With its stunning architecture, prime location, and range of amenities, it’s no wonder that this building is so popular with Loft Blog readers. This dramatic two-story live/work loft at 108 W 2nd Street, Unit 1007 is the perfect place for you. With its spacious living area, upgraded kitchen and designer bath, and stunning private rooftop patio, this loft is the epitome of luxury living in Downtown LA.

The loft’s close proximity to all that Downtown LA has to offer makes it an ideal location for those who want to be in the heart of the action. Whether you are looking to explore the city’s vibrant culinary scene, take in a show at the Walt Disney Concert Hall, or immerse yourself in the city’s rich history, the Higgins Building Lofts is the perfect place to call home. A new Metro station is under construction and nearing completion just a block away.

If you are interested in seeing the Higgins Building Lofts and other lofts for sale and for lease in Downtown LA, contact Corey Chambers at (213) 880-9910 or email him at higgins@laloft.org. With his extensive knowledge of the Downtown LA real estate market and his commitment to providing exceptional service to his clients, Corey is the perfect partner to help you find your dream home in this vibrant and exciting city.

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Copyright © This free information provided courtesy L.A. Loft Blog with information provided by Corey Chambers, Broker CalDRE 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. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.

Mills Act Buildings Downtown Los Angeles Update

Nothing is certain except death and taxes. So, it’s no wonder that these amazing lofts with property tax benefits consistently top the charts for LA Loft Blog readers. #millsact

https://www.themls.com/Share/YWFhYmppZGZk

While some have never heard of the Mills Act, it offers some financial advantages for LA loft owners. It can save a bundle of money on taxes while giving an amazing urban abode with truly gratifying character. #millsact #la   |   SOLD

MillsActLA.com  –  Benefits of a Mills Act Loft

To help preserve the historic structures of L.A., a significant tax incentive has been legislated by California state and local governments called the Mills Act. The unique tax law offers home owners of qualifying historic properties as much as 66% or more off of their property tax bills. Owners of lofts in historic buildings can potentially save thousands of dollars each year. That money can be used to help furnish the home, put more money down at purchase to reduce monthly mortgage payments, trade up to a larger loft or spent on anything. But, buyers should also be prepared by saving some of the money for potential special assessments in the future should the building need major restoration.  The Higgins Building loft owners endured a special assessment in 2017 of around $15,000 to $45,000 per unit for repairs to its crumbling old facade. The Higgins restoration is under way now.

Sometimes listing agents (especially out-of-area agents) make mistakes and incorrectly report that a specific loft building is Mills Act approved.  For example, the SB Grand at 312 W 5th St has a current listing that is incorrect.  That building is NOT Mills Act approved unfortunately. Neither is Alta Lofts.

The Mills Act offers a substantial reduction in property taxes for owners of qualified historical properties, provided that they agree to preserve, restore, rehabilitate, and maintain the historical and architectural character of their properties. Many owners report that they save about 2/3 off of their property taxes.  The formula is complicated, and varies by building, so prospective Mills Act home buyers should check with the city, county and a tax professional to determine what the real savings may be.   |   MILLS ACT LOFTS FOR SALE   |   MILLS ACT RECENTLY SOLD

How Mills Act Tax Saving Benefits Are Calculated

Mills Act participants may realize very fruitful property tax savings each year for recently improved or purchased old properties because the valuation of a Mills Act property is determined by the Income Approach to Value rather, not by the common Market approach to calculating appraised value. The Income Approach, divided by a capitalization rate, gives the assessed value of the property. Generally, the income potential for an owner-occupied residential property is calculated by looking at rental rates for comparable nearby properties, while the income from a commercial property is based on actual rent received. Because rental values vary greatly, the actual Mills Act historic property tax savings may vary.

Mills Act LA Property Tax Los Angeles

MILLS ACT PROPERTIES FOR SALE  |  DOWNTOWN LOFTS FOR SALE

MillsActLA.com  —  Want to save a bundle on your property taxes while helping to maintain the authentic integrity of an historic California building? The Mills Act is a California law allowing cities to enter into contracts with the owners of historic buildings. The City of Los Angeles has such contracts, as do many other cities in Southern California.

Mills Act Historical Property Contract Program

How does it work?  A written agreement, generally known as a Mills Act or Historical Property Contract, is executed between the City of Los Angeles and property owners for a revolving ten-year term. The developer or HOA homeowners association takes care of the details. Contracts may automatically renew each year so that the term of the contract normally extends for 10 years. Builders and homeowners agree to restore, maintain and protect the property in accordance with specific historic preservation standards and conditions identified in the agreement. Periodic inspections by LA City and County officials ensure proper maintenance of the property. The City may impose penalties for breach of contract or failure to protect the historic property. The contract is transferred to new owners if the property is sold, and is binding to all successive owners.  MILLS ACT DETAILS  >> MORE

The list of Downtown L.A. Mills Act properties changes. Here are some recent examples:

108 W 2ND ST — Higgins Building
1850 INDUSTRIAL ST — Biscuit Company
215 W 7TH ST — Bartlett Building
257 S SPRING ST — Douglas Building
315 E 8TH ST — Textile Building
416 S SPRING ST — El Dorado Building
420 S SAN PEDRO ST — Little Tokyo Lofts
460 S SPRING ST — Rowan Building
738 S LOS ANGELES ST —  Eckardt Building
746 S LOS ANGELES ST — Cornell Building
849 S BROADWAY — Eastern Columbia
>> MORE

MILLS ACT PROPERTIES FOR SALE  |  DOWNTOWN LOFTS FOR SALE

More info on Mills Act Properties is available at https://www.laloftblog.com/?s=mills+act

Get a Mills Act updated list of buildings and properties for sale. To receive this free info, fill out the online form:

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Higgins Mills Act Building Restoration in Progress, Downtown Los Angeles, CA

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.