Santee Court Gets Construction Loan
MJW Investments has received financing of $32 million for the first phase of Santee Court, the 780,000-square-foot, mixeduse village planned for the Los Angeles Fashion District.
The project, which will encompass several buildings along Los Angeles Street, will include residential, retail and entertainment space. The first phase of the project will consist of 165 condo units, 40,000 square feet of retail space, a garden and courtyard, and subterranean parking, MJW Chief Executive Officer Mark Weinstein said. A rooftop pool and Jacuzzi, basketball court and putting green will also be part of the layout.
Leasing for the condos will start at the end of the year, and the first units will be completed by the end of the first quarter of 2004. The units will average approximately 800 square feet and will rent for about $1,400 per month. They will feature granite countertops, open floor plans and state-of-the-art appliances.
Weinstein is negotiating with several retail tenants, including a national drug-store chain. He hopes to bring on several businesses— including dry cleaners, coffee stands, restaurants, small markets and lounges—to serve tenants and Fashion District regulars. MJW is also building a 422- space parking garage on Maple Avenue and Seventh Street, which will serve Santee Court tenants and Fashion District visitors.
“Parking is a huge issue downtown,” said Weinstein. “We really need several thousand more spaces to accommodate shoppers and other visitors.”
Weinstein said new downtown developments—such as the Ralphs supermarket that is breaking ground this week—signal that an urban renaissance is taking shape.
“There’s a real synergy taking place here,” he said. —Robert McAllister
