LOS ANGELES
DOWNTOWN
NEWS Volume 37, Number 38
INSIDE
The Grand Avenue Festival 12 W W W. D O W N T O W N N E W S . C O M
September 22, 2008
Building a New Republic Historic Core Lofts Set to Go on Sale, Whether the Market Likes It or Not by RichaRd Guzmán
Moon over Chinatown.
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Big hole, no project.
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city editoR
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everal things separate the Great Republic Lofts from other Downtown Los Angeles housing projects. The first is the building’s “stand-alone” status: When sales for the edifice at 756 S. Spring St. started this past weekend, prospective buyers were able to tour a structure that has no buildings abutting it, meaning there are clear views and ample space. Perhaps more significant is that, despite the housing market woes and the difficulty of securing mortgages, the 100,000-squarefoot project is still opening as condominiums. Although several planned for-sale buildings in Downtown have instead de-
buted as rentals in the past year, the developers of the 12-story project are betting they can find buyers for the 72 units. “We intend to sell. We have good financing in place for the potential buyers,” said Shaw Shahery, principal of Spring Main Development, which broke ground on the Historic Core project in February 2007 and plans to begin move-ins in January. “Things are not so rosy as before, but there are people out there.” The development firm is made up of New York-based partners Abington Properties and Convermat Capital Group, which have done several projects in the New York area. The Great Republic Lofts see Great Republic, page 10
Getting Centered Get ready for the paper yacht race.
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Homeless Women’s Facility Readies Expansion to Larger Space by Ryan VaillancouRt Staff wRiteR
It’s time for sushi school.
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Reviewing ‘Blue Leaves’ at the Taper.
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Rock out at the State Park.
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19 CALENDAR LISTINGS 27 MAP 29 CLASSIFIEDS
Grand Ave. Developer Buys Affordable Housing Project Company Plans to Preserve Olive Street Facility for Low-Income Seniors
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he Downtown Women’s Center has been a community landmark in and around Skid Row for 30 years, but that landmark is preparing to make a move. Approximately 140 women enter the facility at 325 S. Los Angeles St. every day for a meal, shower or nap, to seek treatment from a mobile medical clinic or to visit with a social worker. “Most of the [homeless] women that come Downtown come through our doors,” said Lisa Watson, the center’s executive director. Forty-seven women, with an average age of 55, call the DWC home. It is the only permanent supportive housing in the area exclusively for women. The two-building facility, however, is slated for demolition to make way for the $125 million-plus Medallion development. Once the DWC relocates to a new location at 434 S. San Pedro St. in about 18 months, the existing structures will be leveled. But Watson and other DWC leaders don’t expect to be looking back after they make their move. After all, at 67,000 square feet their future home will be twice the size of the current location, allowing room for more housing and larger apartments. The new space will also have a full-time inhouse medical clinic, which will be the only facility of its kind exclusively for women in Skid Row. The DWC is currently navigating the planning process for permits, and officials expect to break ground on a
photo by Gary Leonard
Sales manager Kathy Klingele at the Great Republic Lofts, a 72-unit project from a first-time Downtown developer. Despite the troubled housing market, the building at 756 S. Spring St. will open up as condominiums.
photo by Gary Leonard
Lisa Watson and Joe Altepeter are overseeing the Downtown Women’s Center’s move to a San Pedro Street facility that will be twice the size of its current Los Angeles Street location.
$25 million conversion of a light industrial building in January, said Joe Altepeter, the center’s site director. The DWC is in the midst of a $35 million fundraising campaign, and as of July had reached $26.5 million in contributions, including a $5 million lead gift from Wallis Annenberg and the Annenberg Foundation Just don’t remind Jane Lane, one of the residents at the current DWC site, that she will have to move. Lane has kept the same room for 15 years. “Yeah, I’m going to miss it,” Lane said. “I’ve been here so long.” see Women’s Center, page 11
photo by Gary Leonard
Related Cos. is paying more than the $53 million asking price for a 12-story senior housing complex at 740 S. Olive St. The property garnered 17 offers. by anna Scott Staff wRiteR
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he Related Companies, the developer behind the $3 billion Grand Avenue Project, is in the process of purchasing another stake in Downtown Los Angeles. However, the new acquisition is a far cry from the proposed glitzy, Frank Gehry-designed megadevelopment. On Friday, Sept. 26, Related is expected to finalize the purchase
of a low-income senior housing facility at 740 S. Olive St. Although he would not reveal the exact cost, Related of California President Bill Witte acknowledged that the company is paying more than the $53 million asking price. He added that Related will put an estimated $9 million into building renovations. The property is being sold by a partnership led by longtime Downtown developer and landlord Robert see 740 S. Olive, page 9
Since 1972, an independent, locally owned and edited newspaper, go figure.