Well, the development gods giveth, and the development gods taketh away. From the
Downtown News:
Condo Project Gets Scrapped
Market Woes Halt Arts District High-Rise
by Anna Scott
Developer Linear City, the firm behind the Arts District's Biscuit Company and Toy Factory lofts, has
scrapped plans for a 17-story, 122-unit condominium project titled the Mill Street Lofts because of the troubled housing market.
Instead, the developer has re-dubbed the existing 40,000-square-foot, two-story building at 1820 S. Industrial St. as the Industrial Street Art Studios, and is renting out the property's 40 units to a variety of creative users. The decision to abandon the project was primarily due to the current financial market, said Linear City principal Yuval Bar-Zemer. He said he was unsure whether the project would ever revert to housing.
"It's hard to tell these days. We have the entitlements, we have a set of plans ready for permits," he said. But for the economy to recover "might take three, four or five years. It's all up in the air right now."
The Mill Street Lofts, in the works for more than two years, were originally envisioned as a complement to the existing Toy Factory and Biscuit Company projects. Housing projects across the city, and indeed the nation, have been delayed or canceled as developers increasingly face trouble securing construction loans.
Linear City's Toy Factory Lofts, at 1855 Industrial St., also houses the Royal Clayton's restaurant and a slew of recently opened retail businesses, including clothing stores and a gourmet chocolate shop. The French brasserie Church and State, from restaurateur Steven Arroyo, is expected to open at the Biscuit Company Lofts, across the street from the Toy Factory, in the near future.
Previous plans for the Mill Street Lofts called for 122 condominiums housed in a 132,000-square-foot complex. The development was also slated to include a park, swimming pool and other amenities.
Spaces at the newly positioned building range from 550-2,400 square feet and rents are $1-$2 per square foot, said Bar-Zemer. The Tarryn Teresa Gallery, formerly housed in Santa Monica's Bergamot Station arts complex, recently moved into the building. The structure also houses a high-end jeans manufacturer and individual artist studios.