| Great Republic Lofts Lease-Up Complete |
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Main Spring Development, LLC, a New-York based multi-family development firm, today announced that the Great Republic Lofts has completed it’s lease-up only six months after opening. The 72-unit adaptive reuse project, originally re-developed as condominiums under the design direction of David Gray Architects, instead opened its doors in March 2009 to residential leases. The thin footprint of the building allowed for a majority of the building to be comprised of corner units flooded with natural light which were accented by original historic details such as brick walls, white marble foyers, and large operable windows. High-end condo finishes such as Bosch appliances, wood floors, video intercom security systems, and glass bathroom tiles found an eager audience in among the downtown Los Angeles rental population. The rooftop boasts a glass-enclosed fitness center, a large Jacuzzi pool and a sun deck. Residents are now moving into the building and the property is over 95% occupied. Rents are ranging from $1,400 to $2,200. The project includes over 4,500 sf of retail space on the first floor. The first commercial tenant, Interior Illusions, a high-end home furnishings retailer, is set to open its doors in December 2009. “We have always believed in the growth potential of this part of downtown and we’re pleased to be completing this lease-up so far ahead of schedule,” said Shaw Shahery, a representative of the developer, Main Spring Development. “I think the quality of the finishes we’ve used coupled with the historic fabric of the building have really resonated with those looking to live in this area.” The highly-successful lease-up was orchestrated by Landmark Property Management Group, Inc., a Los-Angeles-based management company with a focus on downtown Los Angeles adaptive re-use projects. “We’re quite pleased to have been selected to represent a premier property such as the Great Republic Lofts,” stated Daniel Cunningham, Director of Asset Management for the Kor Group, the parent company of Landmark. “We found the interest in this building to be strong despite a challenging rental market right now which is a testament to both the quality of the redevelopment project as well as the continued vibrancy of downtown.” About Main Spring Development, LLC Main Spring Development, LLC, is a New-York based multi-family development firm specializing in boutique multi-family development. About Landmark Property Management Group, Inc. Landmark Property Management Group, Inc. is a division of The KOR Group. Since 1989, KOR has acquired or developed over 10,000 multi-family units, including well-known Los Angeles landmarks such as the Eastern Columbia Lofts, Broadway Hollywood Lofts, and Pegasus Apartments. KOR is also known for its design-oriented boutique hotel properties such as the Viceroy Santa Monica and Avalon Beverly Hills. |
