Newport Beach developer has dramatically downsized its plans to convert a warehouse into a residential building with artists’ studios in the Toy District of Downtown Los Angeles.
Statewide Acquisition Corp. filed plans with the city to redevelop the six-story warehouse at 443 S. San Pedro Street by changing the existing 13 artists’ residences and six “day studios” into 21 live-work spaces and 21 day studios.
Statewide’s current proposal is a big reduction from the original plan to convert the building into a mixed-use complex with 78 apartments and office space.
The firm bought the 93,000-square-foot facility, which was built in 1923, for $20.1million in 2016.
The project is in the four-by-two block dubbed the Toy District, which is near Skid Row, Chinatown and the Arts District. It’s one block from the recently approved Weingart Center homeless housing project that’s currently facing appeal. The $138-million project at 554 S. San Pedro Street would offer 382 units of affordable housing with 2,250 square feet for commercial space.