MJW Planning for Downtown L.A. Development
Los Angeles real estate company MJW Investments is gathering input from local businesses and residents concerning a proposed mixed-use project the company plans to build just east of the city’s Fashion District.
MJW, led by Chief Executive Officer Mark Weinstein, wants to turn the lot on Olympic Boulevard and Soto Street in Boyle Heights into a residential/commercial development similar to the Fashion District’s Santee Court, which will feature about 500 lofts and a retail village. The grand opening of the Santee project’s first phase is set for May 21.
The new project also has a lot of potential, said MJW associate Brad Gwinn. The property sits on 23 acres of land anchored by an existing Sears, Roebuck and Co. store and an adjacent 10-story, 1.8-million-square-foot building that formerly housed the retailer’s catalog business. The building has been mostly vacant since Sears shuttered its catalog business in 1993.
Weinstein has been working with Los Angeles City Councilman Antonio Villaraigosa, whose 14th district includes the Sears property. The property, located in both a federal enterprise zone and the city’s Community Redevelopment Association project area, stands to benefit from tax incentives.
“[Villaraigosa] sees this as a crown jewel for economic development in his district,” said Joe Ramallo, a spokesman for the councilman. “It’s the key link to revitalizing this area. We’re very excited about it.”
About 300 turned up on April 19 for the first of several planned community meetings. Gwinn said most of the response was positive.
“It’s still very early,” he said. “We’re developing a team to work on a comprehensive design plan. That’s our primary goal right now.”
Gwinn said MJW plans to maintain the historic integrity of the Sears building, which was completed in 1927 and features one of the city’s historic neon signs. —R.M.
