The vacant parcel stands next to the Southern California Institute of Architecture, between Third and Fourth streets. An official at Pasadena-based Morgan Realty tells GlobeSt.com that escrow on the property should open sometime this week.
The 400 loft-style, live-work condos will be geared toward artists and small business owners. Homes in the first phase of the three-phase project should be completed about a year from now, a Morgan Realty official tells GlobeSt.com.
The for-sale project would be an anomaly of sorts in Downtown, where nearly all residential construction over the past several years has been geared toward renters instead of buyers. Known as "The Yards," units in the complex would range from about 700 to 1,600 sf.
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