Showrooms for Sale in L.A. Fashion District
Los Angeles–based real estate developer the KI Group is taking on one of its most ambitious projects to date with the development of Stanford Regency Plaza, a 132-unit wholesale condominium complex located in the Los Angeles Fashion District. Units will be priced from $1 million each.
The $80 million project is expected to be completed in the fall of 2009. It will be located at 810 E. Pico Blvd., on the corner of Pico Boulevard and Stanford Avenue, putting it in the heart of the Fashion District’s growing discount section, where juniors fashion and accessories draw a steady cash-and-carry trade.
The showrooms in this part of downtown feed off of the traffic from the popular San Pedro Wholesale Mart. Retailers from as far away as Latin America are known to be frequent shoppers here.
The eight-story building will contain mostly apparel-industry wholesale showrooms. A bank, restaurants and a rooftop spa will also be part of the plan, said Wizeman N. Kangavari, a principal with KI. About 400 parking spaces will take up three stories underground.
The condominium format has been attractive in this part of downtown, as the units are smaller and affordable.
“People want a sense of ownership,” Kangavari said.
The units at Stanford Regency Plaza will range from 800 to 1,500 square feet and will be priced from $1 million to $2 million. KI is going all out with the project’s design, which will feature an ornate faccedil;ade, heavy landscaping and upscale details. The developer is one of the more active builders in the Fashion District, having completed projects such as the Pico Regency Plaza, Maple Center and Maple Union, all either wholesale- or retail-centered buildings dealing in fashion.
For-sale properties in this section of the Fashion District have been doing well, said Kent Smith, executive director of the Fashion District Business Improvement District. “It’s all about location. That area is really where all the showrooms want to be. It’s been a strong area for young, moderately priced fashion,” he said.
For more information, call (213) 765-9955. —Robert McAllister
