Buxbaum Group and The Amerland Group purchased downtown LA's
Rosslyn Hotel, Rosslyn Lofts, 451 S. Main St., for $24.5 million and are promising all kinds of renovations.
The building's 259 new affordable "micro-loft" units will be built on floors three though nine. All apartments will include kitchenettes, all-new plumbing and electrical wiring, new bathroom fixtures, heating, finished concrete flooring and ceiling fans. The units will also have phone, Internet and cable access. "Our goal is to provide the Internet access free to tenants," Jules Arthur, a principal at the Amerland Group, noted. "Basic electric for cooking and heating also will be paid by the landlord on the affordable housing floors."
Unlike affordable units below, the top three floors will house 38 "market rate" units. No word on what rents will be. The $20 million renovation will take two years.
UPDATE: The press release headline says Rosslyn Hotel, but an alert commenter says it means Rosslyn Lofts, across the street. Proceed accordingly.
· Partnership to Renovate Downtown LA's Rosslyn Hotel [EarthTimes]