MWest Holdings buys DTLA’s San Fernando building for $37M

Buyer will re-renovate the property Tom Gilmore rehabbed in 2000

TRD LOS ANGELES /
Jun.June 08, 2016 03:00 PM

As Downtown Los Angeles continues its renaissance, developers are looking to a new class of properties — historic buildings that have already been rehabbed.

Take the San Fernando Building, for instance, at 400 South Main Street. MWest Holdings recently acquired it for $37 million, the L.A. Times reported. Despite the fact that developer Tom Gilmore had already rehabbed the historic office tower into residential lofts in 2000, MWest has plans to upgrade the century-old building again.

The new owner plans to spend $2 million to add a gym and a lounge area, as well as to repaint the facade and renovate the units.

“We are going to see more and more of this as the market continues to mature and becomes more sophisticated,” Carol Schatz, president of the Downtown Center Business Improvement District and Central City Association, told the Times.

Developers will put more money into properties because the nearly 20-year-old renovations cannot compete with brand new developments Downtown. But there’s another reason: there aren’t that many untouched historic structures left for housing conversions.

The city’s Office of Historic Resources manager Ken Bernstein told the Times that 76 buildings downtown had been rehabbed under the city’s 1999 adaptive reuse ordinance in the past six years alone. These conversions have created more than 9,100 new housing units, and brought with them a slew of bars and restaurants. [LAT]Cathaleen Chen


Related Articles

arrow_forward_ios
Chen Siqing, head of Industrial and Commercial Bank of China

China’s largest bank finances long-stalled condo tower project near Staples Center

Dean Matsubayashi, executive director at Little Tokyo Service Center and 414 Crocker Street

Nonprofit developer adding to affordable housing portfolio in Little Tokyo area

Brad Korzen, Kor Group CEO

Eye-popping bill at the Proper Hotel: Contractor sues for unpaid steel work

Lorne M. Buchman, president of ArtCenter College

ArtCenter expands into Gilmore Associates’ DTLA building that housed Main Museum

On a roll: Access Industries adds to DTLA haul

With mounting inventory, sales and leases are slowing in DTLA: report

LA’s miles of parking lots could house more than 800K residents: report

A half-century later, crews begin demolition of Tinker Toy garage

arrow_forward_ios