Sunday, March 18, 2007

Lofty Ideas -- Part V

Last weekend my wife and I drove into downtown Los Angeles to participate in the Downtown Living 2007 Weekend. We have discussed moving to a loft in downtown LA and this was our opportunity to see what was available and get a glimpse at how it might fit in with our lifestyle. In Part I we looked at the Mosaic Apartments at Union Station and the Barker Block Lofts. In Part II we got off the event itinerary and visited the Molino Street Lofts, then back on the itinerary in Part III where we visited the Biscuit Company Lofts, a conversion of a 1925 Nabisco factory. Last time in Part IV we looked at the 2121 Lofts, our final stop in the Arts District. This time out, in our final look at lofts we will cover two spectacular properties, the Little Tokyo Lofts and 1010 Wilshire.

We left the Arts District and headed on the tram for downtown. Our first stop was in Little Tokyo at the appropriately named Little Tokyo Lofts. Somewhere between 1922 and 1930 the Westinghouse Electric Building was built (the precise year is lost) for the purpose of manufacturing elevators. Today the building is an apartment-to-lofts conversion, The property offers some amazing view lofts, with big, near floor to ceiling multi-paned windows that bring the city into your living space. Those on the front of the building afford a spectacular view of the downtown skyline (this could be changed in years to come by new construction, but for now the views are amazing). We were particularly taken with the corner lofts where the light just cascades into the living area.

Little Tokyo Lofts is not a pricey as you might think, but the amenities are actually few, limited to an enclosed courtyard in the center of the building and a small pool area, parking garage and very small dog run in the rear of the building. When this was an apartment building the tenants had some very nasty things to say about it. I don't know how many of those things were real and how many were disgruntled tenants facing forced displacement by the conversion.

Many complained of the location, right next to skid row, but you have to think they knew where the building was located before they moved in. If the location does not bother you and the lack of a gym is not a big turn-off, Little Tokyo offers some of the most warm and inviting living spaces that we viewed all day at a fairly affordable price.

By the time we left Little Tokyo we were really pressed for time. On the bus were overheard others talking about how 1010 Wilshire was their favorite, so we decided that would be our last stop. 1010 Wilshire is a 17-story office tower that is being converted into 250 luxury condos.

1010 had basically one model open, which they admitted had been constructed only hours before the door opened that day. Still, it was an impressive, ultra-modern two-story model that I found really appealing. It also didn't hurt that 1010 plied us with alcohol as we walked in. In the sales area they had a massive ice sculpture of the building surrounded by Skyy Vodka bottles and beautiful women handing out drinks, of which I partook of two or three myself (drinks, not the beautiful women). The sales office appeared to be a two-story two- or three- bedroom condo.

There are a number of floor-plans, with some special ones on the second or third floor that offer massive patio gardens that look to the south and the Staples Center area. The property also offers a pool on the roof that promises spectacular 18-story views of downtown Los Angeles from behind eight-feet-tall glass walls.

I think 1010 offers a more modern, creature comfort type of living than a lot of the places we looked at. Depending on what you are looking for and feel comfortable with that is either a good thing or a bad thing. Personally, I can't wait to see what this property looks like in six-months to a year from now. To me it holds much promise.

What we noted about all of the properties we looked at, was that they all would require a massive restructuring of our lifestyle to move in. We simply own too much stuff. We sometimes feel cramped in 3,000 square feet and five bedrooms. We both enjoy having our own private offices and work area and how much sacrifice are we willing to accept? I guess that is the question we as a couple need to look at in the next few years because something about every one of these properties excited us. Can we make that change from sprawling suburbanites to more pared-down city dwellers? I don't know, but we certainly have a lot to ponder between now and my retirement date.

No matter what we choose, the future will be exciting.

Are manufacturing to residence conversions even a good idea for Los Angeles?

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