DOWNTOWN LOS ANGELES - Developer Barry Shy, whose Downtown portfolio includes more than 1,200 apartments, is ready to go the for-sale route. Shy last week said that he plans to turn the Historic Core’s SB Main (at 111 W. Seventh St.) and SB Spring (at 650 S. Spring St.) buildings into condominiums.
Although he does not yet have an exact date for the transformation, he said he wants to “get everything in place.” Shy said that ultimately he will ask for $500,000 to $660,000 for the spaces that run from 900 to 1,100 square feet.
He said he had always intended to sell the units, but the soft economy in 2010 prompted him instead to open the buildings as rentals. Even now, he said, he is not sure he will be able to get the prices he wants for the residences.
SB Spring and SB Main are historic 12-story buildings. On Sept. 26, the Department of City Planning approved the transformation of the two structures into 421 joint living and work condo units and 20 commercial condominiums. Shy said he would give the first option to purchase to the renters, and if they opt not to buy, they will be able to stay on until their lease runs out.