According to GlobeSt.com, McGregor Co. has raised the capital needed to start construction on a 440-unit mixed-use apartment complex on Metro-owned land in the Arts District. The project is being designed by Michael Maltzan Architecture.

One Santa Fe, planned for the Arts District of Downtown Los Angeles, will feature approximately 440 apartment units and 55,000 sf of ground floor retail and live/work space. Due for completion in 2010, the project will be developed on a site across Santa Fe Avenue from the Southern California Institute of Architecture (SCI-Arc), adjacent to the Gold Metro Line and close to Union Station, Little Tokyo and the 101 Freeway.

The development will consist of four multiple-story buildings as well as parking for 800 cars in two separate on-site garages. Units will include lofts and studios as well as apartments ranging from one to four bedrooms.

This project was previously announced by Metro in March 2007, and will bring the transit agency $500,000 annually during the 55-year lease. SCI-Arc students will get preference in rental units.

Construction is scheduled to start in March 2008.