LARGEST COMMERCIAL DEVELOPMENT IN LOS ANGELES THIS YEAR ANNOUNCED BY LOWE ENTERPRISES
LARGEST COMMERCIAL DEVELOPMENT IN LOS ANGELES THIS YEAR
ANNOUNCED BY LOWE ENTERPRISES
Los Angeles Wholesale Apparel Mart to House Garment Industry Wholesalers in Downtown Los Angeles; Significant Pre-sales Bode Well
for Construction Financing
LOS ANGELES, Oct. 23 /PRNewswire/ -- Development plans for a $135 million, 600,000-square-foot wholesale garment industry complex on 10 acres in downtown Los Angeles were announced by Robert J. Lowe, chairman of Lowe Enterprises, at the Urban Land Institute conference. The LA Wholesale Apparel Mart is the largest commercial development to be undertaken in the city this year.
"We were impressed by the strength of the $14.8 billion garment industry in Los Angeles which ranks second only to New York," said Lowe. "Lowe committed to this project after being approached by a group of wholesalers who were not satisfied with current conditions in L.A.'s garment district. They conceived of a central market where their businesses could thrive in a safe, clean environment designed to meet their specific needs. And, they were willing to make a financial commitment to it."
The LA Wholesale Apparel Mart at Alameda and Bay streets in downtown Los Angeles, is designed as an industrial "condominium" project where buyers receive an ownership or equity share in the property. Two hundred and sixty-eight stores are available for purchase, priced from $250,000 to $450,000 and averaging 1,500 square feet. Space also is available for rent.
"By pre-selling and pre-leasing in this real estate market, we will be able to attract construction financing which otherwise wouldn't be available," Lowe explained. "There are over 4,500 garment manufacturers in Los Angeles. Three hundred have already expressed an interest in the Mart and 100 have made purchase deposits."
"The Mart creates a synergistic environment where the owners can 'feed' each other's business as buyers move from wholesaler to wholesaler viewing all the available product in one location," explained Greg Hoxworth, principal and general manager of the downtown properties. "The Mart will have a retail component offering restaurants and other food services, banks and a health club. In time, we could expand onto an adjacent 10 acres to serve other garment companies or the growing toy industry in Los Angeles," he added.
Hoxworth said the project will attract garment wholesalers currently battling the crowded alleyways and cramped quarters along the city's Santee Alley near Olympic and 11th Street. "We offer security and safety, comfortable showroom/warehouses, efficient delivery and plenty of on-site parking facilities."
The LA Wholesale Apparel Mart project continues the redevelopment process undertaken by Lowe for the 112-acre portfolio of downtown properties which it purchased in a 1988 joint venture with Copley Real Estate Advisors. Other developments incude the Seventh Street Market, several new industrial buildings and Fashion Row, located at Olympic and Long Beach boulevards, which also serves the garment industry.
For 20 years, Lowe Enterprises has acquired or served as asset manager for more than $2.5 billion of real estate assets, and has been involved in the development of projects totaling more than $1 billion. Through its subsidiary, Destination Hotels and Resorts, it manages 2,500 resort and hotel units in several markets across the United States. The firm maintains offices in Los Angeles, Orange County, San Francisco, Seattle, Dallas, Denver and Washington, D.C.
/CONTACT: Francie Murphy of Casey & Sayre, 310-457-3676, for Lowe Enterprises/ CO: Lowe Enterprises; The LA Wholesale Apparel Mart ST: California IN: FIN REA SU:
BP-JL -- LA001 -- 4028 10/23/92 09:29 EDT