The tale of the old Fuller Paints Lofts building on San Fernando Road--now known as Alta Lofts-- takes yet another turn with the news that owner Citibank is auctioning off 40 units in the 104-unit building next month. Lee Homes president Jeff Lee, who has been handling the building for Citibank, tells us the decision to do an auction was based partially on the success Lee Homes had with its Market Lofts 2009 auction in downtown. "We looked at Market Lofts where in some cases units sold for more than we were selling them for," said Lee. Kennedy Wilson is behind this auction; according to the official web sit for the event, a 1,027 square foot studio that was originally priced at $306,000 will have an opening bid of $125,000.
Local developer Liveable Places was originally behind the project, hiring local Pugh & Scarpa to renovate the 1927 building. After Liveable Prices went belly up, Citibank took back the building in 2008, hiring Lee Homes to finish the project (at that point it was about 3/4 finished). But sales at the five-story building have been sluggish--only about 17 units in the building have sold, Lee says. But he says, Citibank "isn't desperate" to sell off the project.
· Alta Lofts [Kennedy Wilson]
· Reborn As Alta Lofts, Fuller Looks to Fill With Artists* [Fuller Lofts]