Development interest doesn’t seem to be slowing in Downtown’s Arts District, which may get a new addition: a nine-story office building at 2144 East Violet Street.
Based on plans filed with city planning, an LLC affiliated with real estate firm Lowe Enterprises is the developer, Urbanize reported. Lowe’s Garey Building, a $100 million mixed-use development, is also in the works nearby.
The proposed 108-foot tall building would sit on a half-acre lot and feature 91,000 square feet of office space, as well as 6,100 feet of commercial space on the ground floor.It would also have a 272-car garage. Currently, a small warehouse and a pile of metal scraps occupy the half-acre space.
For construction to begin, Lowe would have to request zoning changes by the city, Urbanize reported.
Office developers are excited by the Arts District, if developments by Hudson Pacific Properties and Shorenstein are any indication. According to a Transwestern report last month, L.A.’s Greater Downtown submarket, which includes the Arts District, had both the lowest vacancy and rent in all of DTLA this past quarter. However, now that rumor’s of Buzzfeed coming to the neighborhood have been squashed, the District lacks an office tenant of any significant size. [Urbanize] — Cathaleen Chen