The company, which specializes in the development and adaptive re-use of commercial, hospitality and multifamily properties, is currently in negotiations to purchase the future site of the loft complex. The deal, which is expected to close later this month, includes the Citizen News building and an adjacent 7,500-sf lot.
The project will cost between $10 million and $15 million, according to Karl Sternbaum, a principal at Accord Interests. Construction on the project is expected to begin early next year.
In Downtown LA, a number of office buildings are currently being converted to residential use, as loft spaces have garnered increasing interest from developers in the past year. Local experts say the trend represents a nationwide resurgence in residential in-fill projects.
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