it's gettin' hot in here

Lofts in Koreatown. Crazy I know but I think they're runnin' outta' space in Downtown.

Joke kids, it's a joke.

I've been wondering about the whole "Mercury is Rising" sign that's been on the big 60's(?) structure at the southwest corner of Wilshire and Western for a while. This Saturday and Sunday they are holding an open house of some sort and I plan on getting motivated enough to stop by and check things out for myself. It's been far too long since I've reported on any loft/conversion stuff and seeing as how a majority of my hits are regarding that very subject matter I feel obligated to keep it fresh and new. I still don't understand though why I get so many hits for the Savoy. Hmm, maybe next weekend I will investigate further seeing as how they are open for move-in.

Back to the subject at hand, The Mercury is the name and Forest City is the developer (most recently of Metro 417 fame; the old Subway Terminal Building). They did a lovely job on that building so the expectations are high. A real plus for this site in particular (Wilshire/Western) is that public transportation access is within spitting distance. Not that anyone moving into a $400k+ unit is the public transport type, but one can hope that with the availability so nearby maybe a few can be converted. Oh well, a girl can dream can't she?

*The website says you're supposed to register for the open house by calling a specific number; that number happens to be a fax line. Maybe things will get fixed tomorrow. Otherwise I'm crashing the party.

x

Comments

[Mitch Glaser]

The popularity of your posts on loft conversions demonstrates that people are really excited about the movement towards "urban" living in Los Angeles, and that's a good thing. People don't need a single family home with a yard in order to live the "good life" in Los Angeles.

In a sense, it's not a joke to say Downtown is "running out of space." Although there is room for thousands more residents, most of the older office buildings appropriate for conversion are accounted for. Developers are moving towards new construction on vacant land, which is becoming hard to find. Rodmark's plan for two mega towers in South Park demonstrate how crazy the Downtown market has become; real estate's so expensive that abnormally high densities are necessary to turn a profit.

Koreatown, with its supply of underutilized office buildings dating from the '50's through the '70's, is experiencing a "spillover" effect from the conversion boom. I lived at Wilshire and Kenmore for a year but found the neighborhood lacking in urban vitality. I think The Mercury is a great addition to the community that might help restore "Wilshire Center" to its former glory as an activity hub.

The Mercury is truly a "transit-oriented development," and I share your dreams of its residents using the Red Line and Rapid buses to get to work. Despite preconcieved notions of "car-crazy" L.A., transit will play an increasingly important role in the growth of our city. If people work near transit, they will want to live near transit, and vice versa. The challenge is to expand the system to make it viable for more people. If the Red Line is extended west from Western to Century City (or Santa Monica), The Mercury will be one of the best locations in all of Los Angeles.

[shannon]

i always enjoy your comments mitch. you are so well spoken.

yes, i jest about no room downtown but i am well aware that most of the convertable buildings have been or are in process and the only other option some developers have is to build from the ground up.

i'd be a very happy girl if the wilshire corridor became a residential hub in the near future.

[Kerry Marsico]

Cool page, Shannon! Regarding lofts: Expect to see fewer conversions downtown. There supposedly is a moratorium on conversions of downtown buildings until sufficient parking concerns are addressed for these increased residences (buildings such as the Higgins Building have only a lease with the LA Times building and Joe's Parking where residents and their guests currently park their cars). Who knows after this lease expires where folks will park. There is, of course, no slowing on NEW development downtown. Another concern regarding conversions is that as more of these vacant, former squatter buildings are purged and restored, the homeless community on Skid Row and other areas is getting even more overwhelming. Reagarding Forest City...they also are developing 1100 Wilshire and their rental-only lofts, Met Lofts are 60-70% occupied, and at a PREMIUM for sure...a client just rented a penthouse facing staples center for $4900 per month! As fantastic of a job they've dont with the Metro 417 and Met Lofts, I'm not so crazy about 1100 Wilshire...though the pool deck is pretty remarkable. Anxious to see Mercury...