Developer has Big Plans for Fashion District
Developer Mark Weinstein is inching closer to his dream of turning the downtown Los Angeles fashion district into a true urban neighborhood akin to those found in cities like Dallas and Chicago, as he and his business partners set out on a $72 million venture to develop 78,000 square feet of retail space and multifamily rentals at a site just north of the California Mart.
Weinstein, who is president of Westside-based MJW Investments, is teaming with local partnership Flatiron Development to convert eight of 10 buildings Weinstein owns into a mixed-use project to be named Santee Court. Proposals call for up to 400 apartment units along with ground-floor retail to be built along a series of interconnected buildings on Los Angeles Street. These buildings are part of a package of 10 properties Weinstein purchased last year from garment company heir Arthur Gerry for about $23 per square foot.
Most of these buildings are historical structures and house designers, garment companies and suppliers related to the fashion industry. Preliminary plans call for seven of the buildings, which are on the 700 block of Los Angeles Street with another at 8th and Maple, to be converted into residential/retail space while two of the buildings at 824 and 910 Los Angeles Street which house office base and sewing operations, will be maintained as commercial space.
The partnership’s architects have drafted preliminary plans, which feature a cobblestone courtyard, rooftop pools and spas and subterranean parking. Rents should range from $1 to $1.50 per square foot, said Weinstein.Ground-floor retail space may feature cafes, convenience retail and clothing stores among other possibilities.
“I’m a big fan of the fashion district and really want to help make downtown [more livable],” Weinstein told the California Apparel News. “We want to keep the dollars here. There’s the potential to make this project a model for downtown development.”
The developer, who manages $150 million of real estate in the area, envisions the district becoming more of a live, work and play type of neighborhood as there’s talk of a major grocer, possibly Ralph’s, along with specialty retailers such as Trader Joe’s and others, coming downtown.
Weinstein didn’t rule out garment industry workers being displaced from the project but explained, “There are absolutely enough buildings to handle relocations. I definitely see this as a win-win [situation].”
He added that Santee Court should pose opportunities for live/work space for fashion industry workers. The group will need either a zoning change or variance among other approvals to bring this project to fruition. Plans are to deliver the first units in about 18 months.
