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LOS ANGELES-A privately held development company says it has agreed to buy an eight-acre parcel in Downtown and plans to build 400 units of for-sale condominiums on the site.

The vacant parcel stands next to the Southern California Institute of Architecture, between Third and Fourth streets. An official at Pasadena-based Morgan Realty tells GlobeSt.com that escrow on the property should open sometime this week.

The 400 loft-style, live-work condos will be geared toward artists and small business owners. Homes in the first phase of the three-phase project should be completed about a year from now, a Morgan Realty official tells GlobeSt.com.

The for-sale project would be an anomaly of sorts in Downtown, where nearly all residential construction over the past several years has been geared toward renters instead of buyers. Known as “The Yards,” units in the complex would range from about 700 to 1,600 sf.

Plans call for three six-story buildings. Ground-floor space would be earmarked for small stores, restaurants and gallery space.

The vacant lot is being sold by Dynamic Builders, another privately held development concern based in Southern California. Though neither party would disclose terms of the sale, Morgan Realty says additional details of the project will be released later this week.

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