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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.