Santa Monica-based MJW Investments, run by developer Mark Weinstein, has sold Phase II of his Santee Village project to Los Angeles-based real estate investment company Phoenix Realty Group. The $92 million second phase of the project, which is expected to be complete in mid-2007 on Los Angeles Street between Seventh and Eighth streets, will feature 23,500 square feet of retail and 216 for-sale, market-rate lofts targeted at middle-income buyers. Floor plans range from 587 square feet to 1,546 square feet, with the average unit at 875 square feet. Phase I, featuring 165 loft apartments and 40,000 square feet of retail, was completed in May 2004. When complete, the entire Santee Village complex will include 445 housing units and approximately 66,000 square feet of ground floor and mezzanine retail space, making it the largest adaptive reuse project in Downtown.

page 2, 3/27/2006

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