Historic – Downtown Los Angeles is home to many historic buildings that are significant in importance due to their rare artistic beauty and their bestowing of lessons from the past. Several of the lofts for sale can provide the opportunity for special tax savings. The Mills Act can bring potentially huge savings off of Los Angeles County property taxes.
Because many of the historic buildings, such as the Eckardt Building in Downtown Los Angeles, qualify for Mills Act tax benefits, living in an open space with high ceilings can pay dividends year after year in the form of dramatically reduced annual county property taxes. Most Mills Act home owners report usual savings around 66%, so they only pay about 1/3 of the property taxes. That’s around $5,000 per year less taxes paid for the average downtown Mills Act loft. While the savings may vary, as home values go up, the benefits go up, giving the average qualified Downtown historic loft owner a potential savings of well over $200,000 over a 30 year mortgage term. One cool Mills Act loft in the booming Historic Core neighborhood has a roomy balcony and is under $450,000. PHOTOS
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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.
Historic Core DTLA
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:
pay dividends year after year in the form of dramatically reduced annual county property taxes. Most Mills Act home owners report usual savings around 66%, so they only pay about 1/3 of the property taxes. That’s around $5,000 per year less taxes paid for the average downtown Mills Act loft. While the savings may vary, as home values go up, the benefits go up, giving the average qualified Downtown historic loft owner a potential savings of well over $200,000 over a 30 year mortgage term. One cool Mills Act loft in the booming Historic Core neighborhood has a roomy balcony and is under $450,000. PHOTOS
