Today I had an awesome opportunity to tour the new mixed use apartment community being built in the Arts District of Downtown Los Angeles called, One Santa Fe. One of the listing agents for the project’s retail space, under Runyon Group’s owner David Fishbein, guided me and another commercial real estate broker through the project and informed us about all the exciting components fused into this historic point in the timeline of the Arts District’s evolutionary trajectory.
This 400+ apartment building isn’t even built yet and it seems like most of the retail spaces are already rented, pending negotiations, or have offers, which I think most of us would find unsurprising. They are asking $3 per square foot and generally doing five year leases for retailers and 10 year lease for restaurants. The buildings are laid out partly over-lapping and create a corridor walking area lined by retail on both sides below the units of the residential units above.
This building will transform the Arts District in Downtown Los Angeles by adding hundreds of residents to the community as well as adding a retail element that will sort of, not to mention controversially, create something of the likes of a mico-Santa Monica 3rd Street Promenade. Don’t worry, you can breathe a sigh of relief that no business such as the likes of Starbucks and the GAP will exude their corporate stench and defy what has made the Arts District a magnet for creative people and businesses known to a network of people stretching across the globe. The players in this project have recognized and have been sensitive to the delicate nature of what kind of retail tenants they would bring into such a uniquely diverse cultural location as to maintain the existing integrity of its ecology.
There’s yet another area of vacant land across the street of Santa Fe Avenue on 3rd Street (eerily coincidental) that has the entitlements for ANOTHER brand new mixed-use apartment project. These projects are definitely a transformative for the area. Who would have thought, ten years ago, that people would have high-end retailers and restaurants in this little industrial area of the Arts District next to, of all possible things, a train terminal and the LA River. This landscape parlayed a creative opportunity for the architect of the project to combine a piece of real estate that artistically fits in the local.
And the architect is another unique component. One Santa Fe’s design was created by the world-renowned architect, Michael Maltzan, who has worldwide fame from his past projects. Since the property is next to the train terminal, he decided to create the layout of the buildings like two trains passing in the night, as you would be able to see from an aerial shot of this real estate project, which is pretty fucking cool if you don’t mind me saying.. err writing.
On another note, One Santa Fe has a creative office element. Since the MTA offices use to exist on the land prior to the construction of this enterprise, one of the ways the new owners were able to negotiate the acquisition of the property was to promise the MTA that once the new project is built they could move back in.
So ironically and unfortunately, the only creative office space for lease here in this project has alas, already been leased.
Last but not least, I along with my company, dtlarealestate.com, leased the temporary leasing office for the residential units of this project across the street from One Santa Fe at 255 S Santa Fe Avenue. While it’s unfortunate that I cannot provide details on the rent rates for the lofts for lease, that temporary leasing office will be up and running really soon and ready to take your inquiries. There’s also one or two stores for lease and restaurant/café spaces for lease available still. If you need tenant representation I can help you with that or you can contact Runyon Group directly.
You can also follow the progress and get updates at facebook.com/onesantafe It’s been a pleasure to write for you about commercial real estate and retail space for lease here in DTLA Stay tuned ‘til next time. WWW.DTLAREALESTATE.COM