MJW to Sell Boyle Heights Land
MJW Investments, a real estate developer active in the Los Angeles Fashion District, is selling a 23-acre parcel near the historic Sears Roebuck & Co. building in East Los Angeles and will turn over plans it had for the property to a new developer.
“We’re focusing on more short-term projects right now,” said Mark Weinstein, chief executive officer for the Santa Monica, Calif.–based company, which built Santee Court, the Los Angeles Fashion District’s first major residential project.
MJW had similarly ambitious plans for the Boyle Heights/East L.A. property, which was slated for more than 600 housing units and more than 800,000 square feet of retail space. The property used to house a Sears distribution center and is adjacent to an existing Sears store that is known for its 79-year-old Art Deco tower.
“It’s actually a good time for someone else to come in because they can make whatever changes they would want,” Weinstein said.
MJW recently completed most of the preentitlement work on the project, including an environmental impact report, which is currently under review.
Weinstein said the company has received lots of interest and offers are being collected via sealed bids. The project will be built in phases over seven years.
MJW is now turning toward smaller projects such as Artists Village, a 200-unit apartment renovation in the burgeoning artists’ district of Santa Ana, Calif. The project has new shops, entertainment venues and lofts. MJW also is building out the final phase of Santee Court, which consists of 216 condominiums in the Fashion District.
—Robert McAllister
