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Developer Starts $25M Downtown Lofts

LOS ANGELES, CA-The Lee Group of Torrance has a waiting list of 1,100 prospective buyers for its conversion of the historic UPS distribution center in Downtown L.A. into 91 for-sale lofts, expected to sell for $350,000 to $750,000.

By Bob Howard | Updated on July 31, 2002

LOS ANGELES, CA-The Lee Group of Marina del Rey, Calif. broke ground Tuesday on a $25 million conversion of the historic UPS distribution center in downtown L.A. into 91 for-sale lofts.

The company says it already has a waiting list of 1,100 prospective buyers for the lofts, which are expected to sell for $350,000 to $750,000. Lofts for sale are a rare commodity in downtown Los Angeles, where a number of downtown office and industrial buildings have been converted to apartments, but hardly any for-sale housing has been built in decades.

The conversion of the three-story 111,150-sf UPS distribution center at 1140 S. Flower St., which was built in 1936, will include an exterior facelift as well as two new stories, increasing the building size to 150,000 sf.

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