Over 250 Affordable Apartments Now for Rent at Historic Rosslyn Lofts in Downtown L.A.
Hip Units Offer Kitchenettes, Modern Fixtures, Free Internet Access and More at Remarkably Low Rents
| Source: Rosslyn Lofts Housing Partners
LOS ANGELES, CA--(Marketwire - July 1, 2009) - With desirable features like modern
kitchenettes, all-new fixtures, exposed brickwork, finished concrete floors
and free high-speed Internet access, over 250 affordable Micro-Lofts® hit
the market today at Rosslyn Lofts in
downtown L.A.
This badly needed influx of quality, affordable
apartments in the city's historic district is the fruition of a $20
million renovation carried out by Rosslyn Lofts Housing Partners L.P.,
which purchased the former Rosslyn Hotel in October 2007 for $24.5 million
with the intent of transforming it into a residential building that would
cater to the city's underserved downtown workforce. Built by the Hart
brothers in 1913, the concrete-and-steel building at 451 S. Main Street was
known for decades as the "Rosslyn Million Dollar Fireproof Hotel."
Frequently featured in both Hollywood and international films, it was
designed by John Parkinson, architect of Union Station, City Hall and the
LA Coliseum.
"The Rosslyn Lofts offers much-needed quality workforce housing to our
community. We have worked hard to promote the development of housing at all
levels and this model of mixed-income housing
supports this important goal," said Los Angeles Councilwoman Jan Perry.
"We are excited and proud of the product we are delivering to this market,"
said Jules Arthur, a principal at San Diego, Calif.-based The Amerland
Group, which partnered in the development with Paul Buxbaum, chief
executive officer of Buxbaum Group, a turnaround investing and consulting
firm based in Agoura Hills, Calif.
"This project is unique for a number of reasons," Arthur continued. "With
the structure's interior basically gutted, we are offering totally new
units while also retaining the flavor of this historic building's renowned
early-20th century architecture. And unlike some developments -- in which,
say, only 20% of the units are affordable -- Rosslyn Lofts has a true mix
of incomes. It is not unlike the mixed-income housing developments that are
common in New York City."
Of the 297 total units at Rosslyn Lofts, 259 qualify as affordable housing
-- targeting households earning between 35% and 60% of the Los Angeles
area's median income. The 38 larger units on the building's top three
floors have all been rented at market rates. Rents on the affordable units
range from $484 to $832 for spaces of 200 square feet to 325 square feet.
All utilities are included, along with free, hard-wired, high-speed
Internet access.
With controlled access, all apartments include newly equipped kitchenettes,
all-new plumbing and electrical wiring, large closets, new bathroom
fixtures and window treatments, heating, finished concrete flooring,
exposed brickwork, and ceiling fans. Units are also wired for phone and
cable access. Select floor plans include sweeping city views. The
building's spacious lobby provides a comfortable meeting area for
residents, and the retail space beneath includes several art galleries.
Other amenities include on-site laundry facilities.
The renovation incorporated "smart building"
technology and alternative-energy sources where possible, and the partners
restored and relit the historic neon sign that reads "The Rosslyn Million
Dollar Fireproof Hotel" atop the building.
The Rosslyn Lofts are located in the heart of historic downtown L.A., an
emerging cultural hub that has experienced a renaissance in recent years,
with numerous office buildings being converted to luxury lofts, and a
plethora of new art galleries, eclectic restaurants, hip bars and renovated
historic theaters -- including the Orpheum, home of "American Idol." Other
points within close proximity include City Hall, The Staples Center, The
Standard Hotel, Union Station, the USC Campus, and Olvera Street.
"With numerous galleries and the Museum of Contemporary Art nearby, and the
downtown's monthly Art Walk passing right by our building, The Rosslyn
Lofts is ideal for anyone who has a passion for art," said Arthur.
The building is also in walking distance of the downtown's new financial
district and just three blocks from the Pershing Square
metro station. For those with cars, the site is convenient to major
freeways and limited parking is available in the building's underground
parking deck.
The trend toward revitalizing downtown cores with loft and condominium
developments has taken a hit nationwide as a result of the economic
downturn and credit crisis. According to Arthur, downtown L.A. had made
significant progress with its revitalization efforts, but has continued to
offer relatively few options for renters seeking quality housing in the
range of $500 to $850 a month -- essentially the middle ground between the
city's lower-income single-room-occupancy (SRO) hotels and its upper-income
luxury condos.
For leasing information, call (213) 503-6171 or visit www.rosslynlofts.net.