(Read more on the multifamily market.)

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LINCOLN HEIGHTS, CA-Developer Creative Environments is scheduledto debut its $25-million Lacy Lofts project tomorrow, opening thedoors to 45 live/work lofts on a site that formerly housed fourindustrial buildings. The project is in the heart of historicLincoln Heights, just east of the intersection of Figueroa Streetand 26th Avenue, a block north of the Metro Gold Line 26th AvenueStation.

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The new project returns residential units to a neighborhood thatwas an upscale bedroom community with lavish Victorian mansionsperched on bluffs above the Los Angeles River near the turn of the19th century. Gradually, the area went into a state of decline thatlasted for decades.

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Creative Environments acquired four low-rise industrialbuildings on approximately 100,000 sf of land in the spring of2005. The development firm, in addition to creating the project,has moved its headquarters there.

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The units at Lacy Lofts range from 900 sf to 2,000 sf. Theyinclude features such as upper mezzanines open to exposed wood beamceilings, polished concrete flooring, brick walls, custom steelspiral staircases and "storefront" windows.

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Creative Environments was founded by local real estate veteransJerry Schneiderman and Howard A. Sadowsky, chairman and vicechairman respectively of the firm. Since its inception in 2003, CEHhas become an investor, developer and manager of urban live/worklofts, with more than 20 projects totaling 1.1 million sf andvalued at more than $1 billion built or under development.

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Sadowsky comments that the firm moved its offices into theproject because, "our belief in this neighborhood is so strong" andbecause the neighborhood represents "the heart and soul of LosAngeles." Schneiderman says that Creative Environments believes inworking in areas like Lincoln Heights and many other Los Angelesneighborhoods that the firm sees as "overlooked andunderutilized."

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