Interior image showing the lofts’ living room, dining room, and kitchen area in one of the units
Covering the situation at Barn Lofts, one of our favorite downtown buildings, hasn't exactly been easy since owner Canyon Capital is notoriously tight-lipped when it comes to talking to the press. But today Canyon-Johnson (the site was purchased by Canyon Capital Realty Advisors and an affiliate of Magic Johnson Enterprises) puts out a press release to announce news---oh, it's like glorious trumpets!---about the Arts District building. The 38 live-work townhomes at 940 East 2nd Street will start selling in late April 2011, Deasy Penner + Partners has the listing, and prices will start in the high (not mid as originally written)-$400,000s. The project was originally developed by the Borman Group, but work stopped in late 2009/early 2010 amid the FDIC takeover of San Francisco-based Pacific National Bank. By March 2010, the project was in receivership, and by last fall, Canyon-Johnson had purchased the construction note on the project (Borman stayed on as an advisor). In February of this year, a newsletter from Canyon indicated that the project would stay condo.
As for today's press release, Earvin “Magic” Johnson, a partner at Canyon-Johnson Urban Funds, says Barn Lofts is a "great project because it will help create new residential opportunities near public transportation and bring people closer to where they work.” The development is near the Gold Line, Sci-Arc, and close to Little Tokyo.
· Construction of Barn Lofts in Downtown Los Angeles Nears Completion [Business Wire]