East 1 st Street FOR SALE IN DOWNTOWN LOS ANGELES GILL BURNS YOO

Transcription

1 620 East 1 st Street FOR SALE IN DOWNTOWN LOS ANGELES GILL BURNS YOO

2 RARE PURCHASE OPPORTUNITY AT THE INTERSECTION OF THE ARTS DISTRICT AND LITTLE TOKYO ± 600 FT FROM THE LITTLE TOKYO/ARTS DISTRICT METRO STATION NESTLED IN A RESIDENTIAL POCKET WITH ACCESS TO ABUNDANT AMENITIES BY FOOT VINTAGE BRICK BUILDING WITH A YARD READY FOR RENOVATION 4 METRO BIKE SHARE STATIONS WITHIN A 2 BLOCK RADIUS 620

3 Redevelopment Vision Charming vintage building with unique features Brick exterior RENDERINGS Huge outdoor space for patio or garden behind the building Endless possibilities for creating a unique atmosphere

4 Parcel Map Property Details 620 BUILDING SIZE: LAND SIZE: 3,600 SF 3,392 SF YEAR BUILT: 1913 APN: STORIES: 2 CONSTRUCTION: BRICK ZONING: LACM

5 The Arts District Historically, the Arts District was populated by various industrial users manufacturers and distributors, who warehoused goods ranging from frozen fish to toys. Over time, the multi-story industrial buildings deemed antiquated and functionally obsolete naturally transitioned to lofts and studios as artists and craftsmen began occupying the spaces. About a decade ago, developers came into this exclusive pocket of Downtown LA and gave a boost to this trend. They started converting former warehouses into homes on a larger scale - Barker Lofts, Biscuit Lofts, Toy Factory Lofts, etc. As residents started to sprout, the retailers followed. In recent years, adaptive re-use projects and new developments saturated the Arts District to a point where the City of Los Angeles attempted to rewrite the zoning ordinance for the first time in many decades. The demand to own property in the Arts District seemed insatiable at the peak of this transformation. Today, the real estate players in Arts District have shifted from private/local investors to developers with institutional funding, some of whom are international. The occupants have changed from garment manufacturers, produce distributors, and wholesalers to brand name retailers, James Beard Award-winning chefs, and Warner Brothers. The future of the Arts District is headed towards a total metamorphosis as major developments are in the pipeline in addition to those that are already in progress. Although the landscape of the Arts District is bound to change dramatically, the intent of the developers and the local community is to keep the integrity, character, culture and aesthetics intact for the most unique district of Los Angeles.

6 THE GAREY The $60 million project from Lowe Enterprises created 320 apartments between two 5-story buildings. The buildings are separated by a pedestrian paseo that s open to the public and lined with 15,800 SF of ground floor retail and restaurant space. The project includes a pool and rooftop deck, as well as 558 parking stalls. 929 EAST 2 ND STREET Est4te Four Capital s proposed redevelopment of the Challenge Cream & Butter building includes adding 5 more floors atop the existing 2-story warehouse. The interior of the warehouse would be repurposed with a mixture of shops and eateries, with parking in the basement. The upper five floors would include more retail, a gym, parking, offices, photo studios, event space, and a private lounge. HAUSER & WIRTH The Arts District mega-gallery is the sixth location for the Switzerland-based gallery owners, who partnered with former MOCA Chief Curator, Paul Schimmel. The project transformed a low-slung, 7-building compound that began as a grain mill in the late 19th century. The gallery is also home to Manuela, a 5,000 SF Southern-influenced restaurant. REGIONAL CONNECTOR The Little Tokyo/Arts District Station will be moved underground and across the street to the southeast corner of 1st St and Central Ave as part of the Regional Connector Transit Project. The station, bordering the two neighborhoods of Little Tokyo and the Arts District, will make these historically rich and vibrant neighborhoods easily accessible. 4 TH & TRACTION The century-old Coca-Cola building is being transformed into a mixed-use complex with creative office space, retail, and restaurants. It will include a 10,000 SF rooftop penthouse with an outdoor kitchen and fire pit. The project will also add a 300-space, multi-level parking structure adjacent to the building. 950 EAST THIRD Legendary Development and Fairfield Residential are constructing five 6-story buildings to house 472 apartments. The project will also include rooftop decks, 22,000 SF of retail, and a courtyard. The complex will span over six acres and is expected to open in late 2018.

7 Regional Connector The Metro Regional Connector Project extends from the Metro Gold Line Little Tokyo/Arts District Station to the 7th Street/Metro Center Station in downtown Los Angeles, allowing passengers to transfer to Blue, Expo, Red and Purple Lines, bypassing Union Station. The 1.9-mile alignment will serve Little Tokyo, the Arts District, Civic Center, The Historic Core, Broadway, Grand Av, Bunker Hill, Flower St and the Financial District. LITTLE TOKYO/ARTS DISTRICT STATION 1ST STREET & CENTRAL AVENUE This new Metro Rail extension will also provide a one-seat ride for travel across Los Angeles County. From the Metro Gold Line, passengers will be able to travel from Azusa to Long Beach and from East Los Angeles to Santa Monica without transferring lines. The Regional Connector will improve access to both local and regional destinations by providing continuous thru service between these lines and providing connectors to other rail lines via the 7th St/Metro Center Station. The extension offers an alternative transportation option to congested roadways and provide significant environmental benefits, economic development, and employment opportunities throughout Los Angeles County. The Little Tokyo/Arts District Station, currently an at-grade Gold Line station located at the intersection of 1st and Alameda streets, will be moved underground and across the street to the southeast corner of 1st St and Central Ave as part of the Regional Connector Transit Project. The station, bordering the two neighborhoods of Little Tokyo and the Arts District, will make these historically rich and vibrant neighborhoods easily accessible.

8 Residential Developments HIGGINS AVA LITTLE TOKYO CASA HEIWA TERAMACHI SAKURA CROSSING SARES-REGIS APARTMENTS LITTLE TOKYO TOWERS MIYAKO GARDENS HIKARI TOKYO VILLA SAVOY ARTISAN ON SECOND MURA GALLERY LOFTS THE GAREY BUILDING NEWBERRY LOFTS VIGNES LOFTS LITTLE TOKYO/ARTS DISTRICT METRO STATION 18 BARN LOFTS ONE SANTA FE 950 E 3RD ST. BINFORD LOFTS E 3RD ST TRACTION AVE THE AMERICAN BEACON LOFTS CATALINA LOFTS METRO GOLD LINE 19

9 EIGHTY TWO UMAMI BURGER ARTISTS & FLEAS LA THE PIE HOLE WURSTKUCHE APOLIS GLOBAL POKETO BLACK TOP COFFEE ALCHEMY WORKS SHINOLA SALT & STRAW HOUSE OF WOO HAUSER WIRTH & SCHIMMEL MANUELA EAT.DRINK.AMERICANO HAMMER AND SPEAR CAFE GRATITUDE EDIBOL ARTS DISTRICT BREWING CO. FRITZI GROUNDWORK RESIDENT DTLA URTH CAFFE ANGEL CITY BREWERY LITTLE TOKYO MARKETPLACE MANNA KOREAN BBQ SUSHI GEN BRUNSWIG SQUARE WOLF & CRANE BAR EBISU JAPANESE TAVERN RIF.LA PINKBERRY POKE EXPRESS MUMFORD BREWING THE ESCONDITE BALDORIA GINGERGRASS DOWNTOWN CAFE DEMITASSE SIMBAL NON FACTORY MITSURU SUSHI & GRILL CAFE DULCE JAPANESE VILLAGE PLAZA NIJIYA MARKET MIKAWAYA RAMEN MARUYA OOMASA SHIN-SEN-GUMI TOSHI SUSHI FAR BAR SUEHIRO CAFE MARUGAME MONZO DAIKOKUYA FUGETSU-DO BAKERY SHOP JIST CAFE 620 EAST 1ST STREET LITTLE TOKYO ARTS DISTRICT RESIDENTIAL DEVELOPMENTS REGIONAL CONNECTOR Amenities: N EAST 1ST STREET EAST 3RD STREET EAST 4TH STREET EAST 2ND STREET S CENTRAL AVENUE ALAMEDA STREET ALAMEDA STREET 24 LITTLE TOKYO & ARTS DISTRICT TRACTION AVENUE EAST 4TH PLACE EAST 4TH STREET EAST 2ND STREET EAST 3RD STREET EAST 1ST STREET SOUTH SANTA FE AVENUE 17 18

10 620 BRANDON GILL Executive Director CA LIC BRANDON BURNS Executive Director CA LIC JAE YOO Executive Director CA LIC Cushman & Wakefield NO WARRANTY OR REPRESENTATION, EXPRESS OR IMPLIED, IS MADE TO THE ACCURACY OR COMPLETENESS OF THE INFORMATION CONTAINED HEREIN, AND SAME IS SUBMITTED SUBJECT TO ERRORS, OMISSIONS, CHANGE OF PRICE, RENTAL OR OTHER CONDITIONS, WITHDRAWAL WITHOUT NOTICE, AND TO ANY SPECIAL LISTING CONDITIONS IMPOSED BY THE PROPERTY OWNER(S). AS APPLICABLE, WE MAKE NO REPRESENTATION AS TO THE CONDITION OF THE PROPERTY (OR PROPERTIES) IN QUESTION.