MJW to Release Remaining Santee Units
More than 200 condominiums are going up for sale within walking distance of the major wholesale market centers in the Los Angeles Fashion District.
Santee Village, a European-style neighborhood that comprises three historic buildings on and off the 700 block of Los Angeles Street, officially go up for sale in September, with prices from $300,000 to $1.5 million.
In addition, developer MJW Investments of Santa Monica, Calif., will offer about 23,000 square feet of retail condominiums, allowing store operators to own their units.
The project will cap MJW’s master plan to redevelop seven former garment-manufacturing buildings into rentals and for-sale property. Among those are Santee Court’s live-work lofts and the Gerry Building, a wholesale mart for the apparel industry.
The company is teaming with Phoenix Realty Group to develop the final three buildings—The Santee, The Eckardt and The Cornell, which will be ready for occupancy in the fall of 2007. Units will range from 587 to 1,546 square feet.
MJW President Mark Weinstein said residents also would be able to take advantage of tax incentives provided by California’s Mills Act, which offers tax breaks for historical properties.
“You’re getting 50 to 70 percent breaks, so instead of paying something like $500, you’re paying $200,” Weinstein said. —Robert McAllister
