great republic lofts goes rental
Another one bites the dust? This year, many are starting off with a renewed sense of forward-looking optimism, all too ready to leave the economic woes of 2008 in the rear-view mirror.
But 2009 starts off with news that the Great Republic Lofts, a historic, 72-unit condominium building at 8th and Spring, is going rental. Consider the news a holdover from last year.
At the crossroads of two increasingly residential corridors, the Great Republic will forge a southeastern anchor to the residential conversions in the Historic Core.
Last time angelenic checked in back in June, construction was underway on the units and ornate marble lobby. Move-ins begin in February, according to a source familiar with the project, but no price ranges were given.
Each floor contains six units that take advantage of the 13-story building’s unique “E” shape. That means lots of light and views of the city. David Gray Architects handled the redesign.
Restaurants and retail continues to bloom on the blocks surrounding the project, something which will no doubt continue with the infusion of new residents — be they renters or buyers — to the area.
Think we’ll see even more buildings go rental in 2009? Let us know!
Great Republic Lofts
8th & Spring streets
Move-ins begin February 2009
greatrepubliclofts.com
18 comments
pretty much any condo building still for sale with 2006-2007 prices can be expected to go rental.
I think this trend of all the condos going rental will have the effect of lowering rents downtown by increasing the supply of rental apartments and lofts.
Museum Towers (Bunker Hill) has had plans to convert to Condos for awhile. They announced that it was now a Condo development about 8 months ago (or thereabout). Now it seems they are continuing the month-to-month rent of those still there. Two problems, one, the market is very soft, and two, continuing issues over parking. I wonder if anyone has the 411 on that parking issue, as in regulations? thanks.
Christian
Are there any affordable units in downtown? I’m not rich nor have a rich daddy or “Daddy”. I work Downtown but I want to live Downtown.
Victor: Hold tight. You will get cheaper housing this year. There’s a glut of spaces and actually, despite what blogs oriented around DT claim, there are people moving out of downtown. Be patient and you’ll get yours.
What do rental prices look like anyway? i know.. pretty broad question
Really hoping to see more rental options this year that are in buildings more like this and less like promenade towers, orsini etc.
victor, 2 bedrooms 2 baths in primere towers (off 6th/spring across from “vs”) are 1750, with one parking space.
I share a unit there, so its somewhat affordable.
Prices are dropping dramatically with all the SB buildings and the condo market going to rental. You actually can find deals for 1200 or so now and most leases including several months of free rent.
^^^
the cheapest i’ve found is a new loft at the judson for 1295…its a studio around 600 sq ft.
anyone know of anything cheaper?
Victor, check the Grand Central Apartments at Broadway & Third. It has been a while since I lived there. But, I was always impressed with Brenda Levin’s work. A little ordinary. It was completed in the mid-90s. But, it was very affordable and even if you had a small space, the kitchen and bathroom were spacious. There’s also tons of well-designed storage space.
I’d also suggest checking out the Orpheum. Not the fanciest place, but very well managed and well built. The price per square foot was excellent when we moved in. My god, those windows are astonishingly beautiful. Also, I recall my neighbor observing the residents didn’t have the same sense of preciousness as far too many other downtowners.
As for Premiere Towers, ugh! I lived here way back in the 90′s when the building was half empty. Dirt cheap at the time and still affordable now. But, ug-ugly! (Take that, Mikah!) You can do better than this place.
Hope that helps.
Wow thanks for all the insight!
I work at the One Wilshire bldg. for a web hosting co and yeah I don’t get paid as much as Id like so money is tight.
I also believe that most people who move into the “New” Downtown don’t really know what their getting into. You have to love every aspect of it which I do…but everything is soo damn expensive.
Anyone know of a work for a unit type living situation? Im SICK of my job and Im just looking to start off 2009 HAPPY
Thanks again guys, a burrito at Taco’s Mexico is on me hehe.
You could always take a room at the Rosslyn hotel for about $500 a month until the market slows some more. I expect rents to lower quite a bit more, we may see $1.25 a sq foot soon.
Preimere was gross back then – but they renovated 95% of the building.
The units are mostly filled. And whenever something goes wrong, its a same day turnaround. fyi.
Thanks for posting the useful tips. I’ve checked out several lofts in the $1500 and under range this month including the Judson, NCT and Milano. Ideally looking for a work/live situation as I’m staring up my own company. I like the Judson since the lofts have balconies, but there is no parking in the building. Any other recommendations?
Pacific Electric routinely has lofts available under $1500 and you get parking in the building. The units aren’t done to the same condo specs as NCT, Chapman, Brockman but if you want a decent sized unit with parking for cheap, PE is a great option.
Thanks Matt, will check out Pacific Electric. I also saw three of the SB Loft properties this week and was impressed by the brand new SB Main on 7th/Main, which are in the $1500 range for a 1-bed/700+ sq ft, though not including parking. About 200 units in the building with exposed concrete ceilings, brick walls, etc. But, I’ve heard bad things about SB’s management of these properties… any advice?
All the SB buildings will be in the 1200 range at some point in the near future. There is way too much inventory for the demand.