Live-Work Plan Fits With Push for Downtown Housing.DOWNTOWN Los Angeles Downtown Los Angeles is the central business district of Los Angeles, California, located close to the geographic center of the metropolitan area. The sprawling, multi-centered megacity is such that its downtown core is often considered just another district like Hollywood or is quickly is becoming the hottest real estate submarket in the county. This week's news involves the further investment of Urban Pacific Builders, which is in escrow to buy the Bartlett Building at 215 W. Seventh St. The building would be converted into 124 live-work spaces, adding to the number of residential units Downtown. The project is contingent on Adj. 1. contingent on - determined by conditions or circumstances that follow; "arms sales contingent on the approval of congress" contingent upon, dependant on, dependant upon, dependent on, dependent upon, depending on, contingent tax-exempt bond Tax-exempt bond A bond usually issued by municipal, county, or state governments whose interest payments are not subject to federal and, in some cases, state and local income tax. tax-exempt bond See municipal bond. financing and historic and affordable housing tax credits. The Bartlett Building is Urban Pacific's second Downtown property. The first is the Security Building at 510 S. Spring Street. The Long Beach-based developer has proposed turning that building into 153 rental lofts over retail and a post office. The developer also plans to build a restaurant and lounge in the basement vault of the structure. Urban Pacific Managing Member Scott Choppin said the developer would keep looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. opportunities to create housing Downtown. "The trend toward adaptive reuse Adaptive reuse is the process of adapting old structures for new purposes. When the original use of a structure changes or is no longer required, as with older buildings from the industrial revolution, architects have the opportunity to change the primary function of the of older buildings will have a positive effect on the socioeconomic well-being of the area and, by extension, the entire city," he said. Urban Pacific is the same development company that is working on a $15 million, 69-unit condominium development in Long Beach as part of the city's City Place mixed-use project. Urban Pacific's plans come on the heels of the state allocating $150,000 to the city to assist with Downtown housing projects. The money comes in the form of two $75,000 awards from California's Downtown Rebound Planning Grant program, which encourages infill housing Infill housing is the insertion of additional housing units into an already approved subdivision or neighborhood. These can be in the form of additional units built on the same lot, by dividing existing homes into multiple units, or by creating new residential lots by further , adaptive reuse of commercial buildings for housing, and other forms of high-density urban housing. One of the grants will be used for a Strategic Action Plan, according to the Los Angeles Conservancy The Los Angeles Conservancy is the preeminent historic preservation organization in Los Angeles, California. It works to document, rescue and revitalize historic buildings, places and neighborhoods in the city. . The plan will include a survey of the market for Downtown housing, a building and fire codes analysis for developers and a parking study. The second grant will be used for studies to revise the Central City Plan that governs development Downtown. |
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