Monday, October 12, 2009

Rowan Lofts @ Spring and 5th Brings 1912 Luxe to Downtown Los Angeles

Rowan Lofts ExteriorRowan Lofts, a 206-unit condo building in the historic core of Downtown Los Angeles is now over 67% sold (updated 3/30/10). This conversion of a classic office building still has many excellent one bedroom units for under $350,000 and studios for as low as $229,000 -- Bosch appliances included.

Sample units for sale (updated 3/30/10):

#1007 - studio - 546 sq ft - $260,000
#302 - 1 br, 1 ba - 844 sq ft - $329,000
#507 - 1 br, 1 ba - 890 sq ft - $400,000
#702 - 1 br, 1 ba - 844 sq ft - $365,000
#816 - 1 br, 1 ba - 841 sq ft - $355,000
#715 - 1 br, 2 ba - 1004 sq ft - $419,000

Rowan Lofts Downtown Los AngelesLocated in the The Old Bank District (bounded roughly by Spring and Main, 4th and 5th), Rowan Lofts offers some amazing views of the 1929 Moderne Old Stock Exchange Building and other citadels of high-finance in the early part of last century

Rowan Lofts LobbyBuilt in 1912, the lobby has polished marble floors and hanging chandeliers and is a throwback to a simpler, more genteel era.

Rowan Lofts stairwayStroll through the hallways with a martini and a Lucky Strike and feel like you're on a movie set from the classical Hollywood era.

Rowan Lofts WindowsThe original brickwork and the Guatemalan mahogany windows have been preserved. Ceilings, which are suspended from the story above to provide maximum sound insulation, are 10' high. Windows are not double-paned.

Rowan Lofts KitchenUnits come with Bosch range/oven and microwave. Floors are engineered maple. Cabinets come in brown and light yellow.

Rowan Lofts bath Milky white cabinets with metal trim and black pearl granite are featured in this bathroom.

Spring Street Park Downtown Los AngelesOne of the best things about Rowan Lofts is what's to come. In January 2009, the developer sold the lot adjacent to the Rowan (above) to the City of Los Angeles for $5.6 million and within 18 months it will be a 3/4 acre park. Many of the Rowan units look onto what will be beautiful green space. Gramercy Park comes to Los Angeles?

Updated 3/30/10. Across the parking lot (soon to be park!) is the El Dorado Lofts, a converted 1914 hotel with incredible, Craftsman-era touches. 47 of its 65 units will be sold at auction on April 25, 2010.

Rowan Lofts gardenBecause the Rowan Lofts is an adaptive reuse project, buyers are eligible for Mills Act Property Tax abatement of approximately 70%. This amounts to a $240 monthly savings on a $350,000 unit. Parking of $150/month is not included with the purchase -- residents park in a security-protected lot behind the building.

Wells Fargo and Bank of America are in-house lenders, and offer some downpayment options as low as 5%. FHA loans are not allowed, because of the units' live-work status.

Sold by the Rowan Lofts.