DOWNTOWN LOS ANGELES – A long-awaited Arts District housing project is poised to finally come online. The move comes with the return to Downtown of a major Southern California real estate entity.
Officials with Canyon-Johnson Urban Funds have announced that sales will begin at the end of the month for the Barn Lofts, a 38-condominium project that had stalled after the original developer encountered troubles with a lender. The residences will start in the high $400,000s, according to a statement from Canyon-Johnson.
The project, at 940 E. Second St., is a conversion of a 1906 sugar beet warehouse once utilized by the Spreckels Sugar Company. Before the market downturn, developer The Borman Group began transforming it into three-story, loft-style townhouses ranging from 1,300-2,600 square feet.
Borman previously told Los Angeles Downtown News that the project was 92% complete before troubles with the lender resulted in a work stoppage. Canyon-Johnson acquired the project late last year and hired a team including R.D. Olson and Rockefellers Partners Architects to finish it. Canyon-Johnson also hired The Borman Group as an advisor.
“From the beginning, we have been dedicated to bringing quality housing to urban areas like the Arts District,” said Canyon-Johnson partner Earvin “Magic” Johnson, in a prepared statement. “940 East 2nd is a great project because it will help create new residential opportunities near public transportation and bring people closer to where they work.”
The live-work residences include outdoor porches and balconies, hardwood floors and laundry hook-ups. Each condo has at least one parking space.
The project follows a wave of Arts District and nearby Little Tokyo housing that came online before the market slowed in 2007. It will add to the residential base created by projects such as the Barker Block.
Canyon-Johnson previously had a stake in Downtown when it was a part owner of South Park’s AT&T Tower (long known as the Transamerica Tower). It sold the building in late 2004.
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