The principals of Livable acquired the property via Fuller Lofts LLC, according to Allan Maxwell of the Downtown L.A. office of GVA Daum, who says the project will be named Fuller Lofts because the building formerly was occupied by the W.P. Fuller Paint Co. Maxwell and Nick Peukpiboon, also of GVA Daum, represented both the buyers and Vin Sanh Properties LLC, the sellers.

Ryan Lehman, executive director of Los Angeles-based Livable Places Inc., which specializes in infill housing in Southern California, says his company will convert the existing poured-in-place concrete building, construct an additional 20,000-sf structure, and add a parking structure for 150 cars. Designed by the architectural firm of Pugh + Scarpa, the development will feature 1,000 sf of creative office space.

Lehman says his firm already has entitlements for the project and expects to break ground in the summer, with availability expected for Fall 2005. Units are expected to range from 800 to 1,600 sf. The development is described as workforce housing, designed for prospective buyers like teachers, nurses, Downtown administrative and city workers. Developers of workforce housing, a term of relatively recent vintage, say it is aimed at a market that is not being addressed by traditional market rate developers or by most affordable housing developers, since most government subsidy programs tend to target low-and very-low income groups.

Noting the continuing trend of converting obsolete industrial buildings to housing and related uses in Downtown Los Angeles, Lehman says that his company's project will provide both affordable and market rate units for sale in an area where conversions have typically been aimed at renters." He notes that the new residential project is strategically located near both the Golden State (5) and Harbor (110) freeways, and is less than a 10-minute walk from the Gold Line light rail system linking Pasadena and Downtown L.A. Livable has an equity partner in the project, Phoenix Housing Partners West LLC, which is providing predevelopment and construction period financing.