Owning a loft may not only make you feel cool, but it may also give you a nice tax break (aside from that whole mortgage interest deduction thing). Urban Pacific Builders, the developer of the Pan American Lofts at 249 S. Broadway downtown, has teamed up with the LA Conservancy to preserve the façade of the building and make it pay off through some cunning use of tax incentives.
In what the builder describes as “one of the first transactions of its kind,” Urban Pacific will grant an easement on the ornate five-story 1895 Beaux Arts facade to the Los Angeles Conservancy.
In return, Urban Pacific will receive tax benefits that it says it will share with buyers of the lofts, some of whom may be eligible for tax deductions of up to $80,000?We would be happy to grant an easement on our building for a tax deduction.
· Loft Developer Negotiates a Tax Deal [Globe St.]