The Staples Center area continues its renaissance, and nothing says “I’ve made it” like a downtown loft. Fortunately for those who are clamoring to get in on the downtown resurgence, more luxury housing units are on the way! And you thought that there was a glut of such downtown housing already! According to the Moinian Group, the New York-based developer who purchased four acres at the corner of 11th and Figueroa, the bourgie market is ready for more. The developer plans two residential towers, 45 and 33 stories, respectively, for a total of more than 700 residential units.
Moinian's residential towers would house three types of units: lofts that could include condominiums, penthouses and so-called live-work units that could house small businesses. The target buyers are young professionals who work downtown. Prices are likely to range from $500,000 to $2 million. At street level would be 250,000 square feet of retail space earmarked for a specialty grocery store, health club, shops and restaurants.
We just love the idea of living in the new Staples-adjacent YUPPIE ghetto. We could stuff our pie-hole with hot dogs and beer at a Mystics game and stumble home to our granite/stainless steel kitchen. That IS luxury living.
· Plans Build for Downtown L.A. [L.A. Times]