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El Dorado: Good-Looking, But An Economic Disaster, Says Developer

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As reported last week, move-ins are starting on Spring Street's El Dorado lofts, an adaptive reuse of a 12-story 1913 tower. The Downtown News reports that of the 65 units, three have closed, 35 are in escrow, and the developer, Downtown Properties' Bill Stevenson, hopes the building will be sold out by the end of the year. But Stevenson also said required upgrades to the building, mostly retrofitting, pushed the $27 million construction cost to $40 million. “It’s a success aesthetically. We feel really good about what we created,” he told the Downtown News. “But economically, it was a disaster.” Stevenson also mentions unnamed problems he had with the city in getting the building open. You may recall, an auction was originally set for this building but was aborted because of a water line work issues. Pictured: A loft going for $468,900.
· An Opening With Mixed Emotions [Downtown News]
· 416 S. SPRING Street [Redfin]
· El Dorado [Official Site]
· El Dorado Cancels Auction [Curbed LA]

El Dorado Lofts

416 S. Spring St., Los Angeles, CA Visit Website