LOS ANGELES—One Santa Fe, a significant mixed-use project in Downtown Los Angeles' Arts District, has completed its residential construction. The $160-million project is the first to cross the finish line of the $2 billion of development underway in the neighborhood, and it is opening with 260 leases signed, more than 55% of the 438-unit property.

“Overall Downtown Los Angeles has experienced dramatic growth, with 2014 seeing billions of dollars invested,” Charlie Rose, director at Canyon Capital Realty Advisors, which provided financing for the project, tells GlobeSt.com. “The Arts District is now one of the most attractive markets in Los Angeles from an institutional investment perspective. The One Santa Fe development team began looking at the property along Santa Fe Avenue 10 years ago, and Canyon Capital Realty Advisors is pleased to have been involved in bringing this very significant project to life.  It is clear that this trailblazing project has catalyzed growth in the immediate area as evidenced by the developments already underway.  The neighborhood's high median income coupled with Downtown Los Angeles's population growth over the last several years has combined to drive demand for high quality retail, residential and creative workplaces, all of which are represented at One Santa Fe.”

The first phase of the project was completed in September of last year. Currently, 240 of the 260 leases signed are already occupied. The interior units include a mix of studio, one- and two-bedroom apartment homes and townhomes, and cost from $1,580 to $4,530. Onsite amenities are ample with everything from saltwater swimming pools to a world-class spa, a clubhouse, fitness center and outdoor fire pits. The property also features 35,000 square feet of ground floor creative office space, leased by the Los Angeles Metropolitan Transportation Authority, and the Yards, a 25-unit shopping district set to open in Spring 2015. Café Gratitude, Grow Market, Malin + Goetz and Van Leeuwen Ice Cream are among the shops with leases already signed for the space.

"Recent trends point to intense value appreciation as the Arts District continues to attract a diverse array of upscale residential and retail tenants, creative offices, and start-up incubators, all while keeping the neighborhood's culture and character intact,” Bill McGregor, development manager at McGregor Brown Co., one of the project's developers, tells GlobeSt.com. “We expect to see important new institutions such as the Hauser Wirth Schimmel gallery complex (from the NYC/Zurich fine-art powerhouse) open this year just down the street from One Santa Fe. Additionally, One Santa Fe's work with Arts District community leaders has provided the platform for creating the Arts District Center for the Arts (ADCA) right at the base of our One Santa Fe property.  The ADCA will provide a venue for other major arts organizations to access new, creative gallery, theater and office space."

The project's other developers include Cowley Real Estate Partners and Polis Builders, and Bernards served as the builder. Michael Maltzan Architecture designed the property.