Can The Winston Apartments Turn Around a Little Bit of Skid Row?

There are new apartments coming to downtown! Yeah, they're pretty much in Skid Row, but ten years ago the Old Bank District was down on its luck too. The Downtown News has a report on an apartment conversion of the abandoned 1927 Jeffries Banknote Company building on Los Angeles and Winston Street, the latter of which cuts right through the Old Bank District. Legacy Real Estate Holdings--a downtown property owner and first-time developer--bought the Banknote building in 2001 and is now working on the approximately $3.5 - 5 million conversion that will restore the building's original brick exterior and should be done by summer 2012. No word on rents yet, but a rep for Legacy tells the paper they'll probably be in league with the Medallion and Tom Gilmore's Old Bank District buildings (the San Fernando, the Hellman, and the Continental), or from about $2 per square foot to about $2.20 per square foot. And you don't revitalize a neighborhood without a bar and a jazz club, so Legacy is also looking to open the ground floor Winston Room. Image via Downtown News
· A Win-Win on Winston [Downtown News]