Downtown LA’s Fashion District has seen a handful of residential adaptive reuse projects recently, but now something new is coming to the neighborhood: executive office space and high-end retail.
Downtown Executive Multiplex by Strategic Legacy Investment Group (SLIG) is a $3.5 million renovation project currently underway at 221 E 12th Street— just a stone’s throw from Santee Alley. The 4-story 29,654 SF building formerly known as the Santee Center was originally built in 1989, and up until now contained a mix of uses typical for this part of town: discount retail on the ground floor with light manufacturing and storage space above.
“For a long time this building was extremely mismanaged and distressed.” said Michael Sabet, Chief Operating Officer and Co-Founder of SLIG. “The first floor retail spaces were in poor condition. They weren’t maximizing their potential at all for such a prime location in the Fashion District. The second, third, and fourth floors were underutilized and in need of extensive repairs.”
Sabet added: “Our mission is to re characterize the building. Turn it into a modern, presentable, classy, creative high-end space. We’d like it to be a haven for professionals, designers and small businesses.”
The leadership clearly believes in their project as well as in the neighborhood: SLIG has leased a 7,200 SF space on the building’s fourth floor, and L&S Enterprises- their partner on the project- has leased space on the building’s third floor.
“We believe in the potential of the Fashion District, and we’re proud to be the pioneers on this block.” said Abraham Mehrian, President and Co-Founder. “We know that this area needs a push, and that’s what we’re trying to do here.”
SLIG has also purchased a franchise for Kelly’s Coffee and Fudge Factory. The newest location of the popular Southern California based coffee chain will be opening in the building in February 2016.
SLIG has set a great example with Downtown Executive Multiplex and has helped one particular block of the Fashion District meet its potential. Hopefully they inspire other developers and property owners to do the same. The Fashion District is already one of the most unique and vibrant neighborhoods in Southern California, and with a little investment it has the potential to also be one of the most livable.
Downtown Executive Multiplex will be complete in Q1 2016. Several retail and office spaces have already been leased but spaces are still available. The building will be managed by SLIG’s subsidiary company Strategic Legacy Management, LLC. For more information call (855) 720–2623 or email silvia@managedbySLM.com.
Look for DEM’s official grand opening in late March 2016!
Strategic Legacy Investment Group has several other local projects both in development and recently completed, including Carlton @ Hollywood, Smart Apartments which we previously covered here.