MJW Investments

Weekend Warriors
Downtown Housing Tour Draws More Than 4,000

By Keeley Webster

Inside the Little Tokyo Lofts on March 10, a steady stream of people pored over half a dozen light-filled units, some modern with Philippe Starck Lucite chairs, and others cozy with oversized couches and funky art.

One of 16 projects on view as part of the Downtown Living Weekend, the Little Tokyo Lofts scheduled 20 appointments and signed two reservations on the spot. In all, nearly 4,200 people attended the March 10-11 event organized by the Downtown Center Business Improvement District, aimed at introducing potential residents to urban living.

Santee Village, part of a collection of historic garment buildings in the Fashion District, snagged 17 reservations for units starting in the low-$300,000s and extending to a penthouse topping $1 million. Two retail tenants also signed leases in the building - a clothing store and a coffee shop called Destiny Cafe, which has a location in West Hollywood.

“We’re not seeing investors, but people who really want to buy and live here,” said Santee Village Sales Manager Robyn Horwitz. “The insanity and frenzy of the last year has gone away and now we have a unique Downtown buyer.”

Interest in Downtown living extended across the community. The Barker Block in the Arts District scheduled 20 appointments, while the Roosevelt Lofts on Seventh Street in the Financial District saw 16 reservations, including two for penthouses priced over $1 million. Other properties on the tour included the 1010 Wilshire building, 2121 Lofts (hip scooters were driving around town, touting the project), Chapman Lofts, Title Guarantee Building, Rowan Lofts, Artisan on Second, Biscuit Company Lofts, El Dorado, Luma, Market Lofts, Mozaic and Mura. The renewed interest has kick-started a Downtown housing market that grew sluggish in the last year as hundreds of new units became available. According to the DCBID, an estimated 28,878 people live Downtown, with the population projected to hit 40,000 by the end of 2008.