(To read more on the multifamily market, click here.)
LOS ANGELES-Urban Pacific Builders of Long Beach has struck adeal with the Los Angeles Conservancy and will share tax benefitsof the arrangement with buyers of Urban Pacific's Pan AmericanLofts. In what the builder describes as "one of the firsttransactions of its kind," Urban Pacific will grant an easement onthe ornate five-story 1895 Beaux Arts facade to the Los AngelesConservancy.
In return, Urban Pacific will receive tax benefits that it saysit will share with buyers of the lofts, some of whom may beeligible for tax deductions of up to $80,000, according to ScottChoppin, CEO of Urban Pacific Group, parent company of UrbanPacific Builders. Choppin says that whether buyers qualify for thededuction is something for their individual tax advisers todetermine.
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