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5/05/08
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Maxxam Enterprises is looking very fashionable these days, as the privately held LA real estate firm has five projects totaling more than 200k sf in various stages of development in the rapidly growing Fashion District of downtown Los Angeles.
Commenting on his company’s projects in the area, Maxxam Enterprises Principal Mehdi Soroudi said “The Fashion District is one of Downtown’s most economically and culturally vibrant centers, where there is pent up demand from garment businesses for new wholesale and retail showroom locations, along with office space. Our company’s efforts to redevelop many underutilized properties are helping to draw tenants east of San Pedro Boulevard, solidifying the geographic expansion of Los Angeles’ fashion core.”
One of the company’s projects, 1025 Towne Center, a 50k sf wholesale center at 1025 Towne Ave between 10th and 12th streets, has just opened. The property, formerly a two-story warehouse and manufacturing facility, was acquired by Maxxam in March 2005.
Soroudi points out that the company specializes in value-added opportunities and maximizing returns through redevelopment and repositioning of assets like 1025 Towne Center. “We realized the potential of this property could be unlocked by converting the old industrial warehouse into more valuable uses. By investing nearly $5 million in structural upgrades to the building, as well as a complete facelift of the facade, we succeeded in increasing the value of the property tremendously,” added Soroudi.
The 1025 Towne Center revamp included the addition of parking ramps and an elevator to service window-lined offices on the second level, while the ground floor was subdivided into 14 boutique-like wholesale storefronts, each with its own private mezzanine. The storefront units were actively pre-leased during construction, and demand for space was very strong.
Another Maxxam project, the second phase at Crocker Fashion Plaza, is scheduled for completion in summer 2008. It will be comprised of 18 ground-floor showrooms situated beneath 21k sf of office space on three separate levels. Construction of the second phase of Crocker Fashion Plaza entailed razing the previous warehouse facility and building from the ground up.
Other recently completed projects in the area by Maxxam include 777 12th Street, the first phase of Crocker Fashion Plaza and 12 Street Fashion Plaza. 777 12th Street is a 60k sf wholesale center located at 12th and Towne, a key intersection within the thriving area. The new development, which stands out because of its distinctive architectural design, provides space for stores and showrooms of wholesale women’s fashions and apparel on its ground and mezzanine levels. The building also offers abundant parking, highly coveted by businesses and customers alike in this high-traffic commercial area. A full-service branch of Pacific City Bank recently opened on the second floor of the building.
The first phase of Crocker Fashion Plaza, formerly a two-story manufacturing plaza, was converted into 10 distinct wholesale storefronts along the Ducasse Alley and features a new façade. This 18k sf project is now 100% occupied.
12th Street Fashion Plaza, a recipient of the LA Fashion District’s coveted “District Improvement Award,” is a 42k sf wholesale and office mixed-use center located on the prominent corner of 12th St and Crocker St. The project, easily identifiable for its distinctive lips sculpture on top of the structure, serves as a gateway for the Fashion District. The ground and mezzanine levels of the building are comprised of various boutique stores specializing in women’s fashion and apparel, while the penthouse is home to Southern California’s headquarters of Innovative Bank.
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