LOS ANGELES-A new 272-unit multifamily project that formerly was being marketed as condominiums is now an apartment project called the Mozaic. Standard Pacific Homes had been marketing the condos under the name Axis at Union Station, but Lincoln Property Co. is now offering the units in the newly named Mozaic as apartments.
The Mozaic occupies a site at Alameda Street and Cesar Chavez Avenue, adjacent to the historic Union Station in Downtown Los Angeles. SVP Reg Delponte of Lincoln points out that the project was originally conceived as luxury apartments.
Delponte tells GlobeSt.com that Standard Pacific had an agreement with Lincoln to market the units as condominiums and had an option to acquire the property from Lincoln, which is the developer of the site. Market conditions as well as delays in construction and occupancy resulted in Standard Pacific's not acquiring the project.
"We've always been enthusiastic about the location," Delponte says of the Mozaic. The two-building, four-story apartment development will feature a variety of studio units as well as floor plans of one and two bedrooms. The two dozen floor plans range from 644 sf to 1,460 sf.
Since the project was built to condominium specifications, Delponte notes, units will include their own washers and dryers, granite countertops, stainless steel appliances and contemporary cabinetry in the kitchens. Other features will include large windows, private balconies and floor-to-ceiling windows in a large number of floor plans, a rooftop pool and barbecues, an Internet cafe with a coffee bar and conference room, plus a fitness center.
According to Lincoln, Standard Pacific is in the process of refunding the deposits of the 16 buyers that are in escrow on the condos as well as reimbursing them for all reasonable out-of-pocket expenses.
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