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Historic Catalina Swimwear Building near Little Tokyo hits the market
Owner Statewide Acquisitions Corp. bought the site for $20M in 2016
The owner of the historic Catalina Swimwear Building between Skid Row and Little Tokyo is hoping it will catch the eye of a potential buyer.
Statewide Acquisitions Corp. is listing the six-story building at 443 S. San Pedro Street. It purchased the property last year for $20 million, or $211 per square, according to property records.
The Newport Beach-based investment firm initially planned to convert the 92,538-square-foot building into a mixed-use complex with 78 live/work lofts, but has since decided to sell — or at least bring on a development partner to buy a stake, said listing agent William Everitt of Investment Real Estate Associates.
It received approvals for the lofts, and for 8,000 square feet of retail space, in recent months, Everitt said. The property falls under the Mills Act, which offers financial incentives for restoration.
Buildings in the area typically sell for around $300 per square foot, Everitt said.
The building was constructed in 1923 and designed by architect William Douglas Lee, who would go on to design the Chateau Marmont hotel.