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400 More Housing Units Set for Downtown

LOS ANGELES-Morgan Realty agrees to buy eight-acre parcel next to Southern California Institute of Architecture to build live-work condos. The for-sale project would be unusual for CBD, where most developments are geared toward renters instead.

By David W. Myers | Updated on December 17, 2001

LOS ANGELES-A privately held development company says it has agreed to buy an eight-acre parcel in Downtown and plans to build 400 units of for-sale condominiums on the site.

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.

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