Another Loft Project Springing Up in Downtown

LOS ANGELES-Another loft conversion project will soon get under way in Downtown Los Angeles, with Gilmore Associates teaming up with Simpson Housing Solutions LLC to transform a 13-story office facility, built in 1911, into a multifamily complex.

The Rowan Building, which stands at Fifth and Spring Streets, has been acquired by Gilmore Associates for $7 million. The redevelopment plan calls for 209 units, ranging in size from 450 sf to 1,200 sf. Twenty percent of the total project will be rented to low income tenants. When completed, the redeveloped complex will include a 600-car garage and ground-level retail space. Ground-breaking is slated for spring with completion scheduled for early 2002.