Advertisement

Commercial Real Estate

1st Phase of Lofts Project Completed

September 29, 1998|MICHELLE MALTAIS

The first phase of a $23-million project in Hermosa Beach has opened. The Ocean Lofts at the Beach House is a beachfront retreat with an unusual take on the time-share model.

To conform to a California Coastal Commission policy that aims to give as many people as possible access to public beaches, owners of the Ocean Lofts can occupy their units for up to 90 days a year. This makes the property available for use as a hotel 275 days a year.

The 56-unit complex, on the Strand between 13th and 14th avenues, is 70% sold. The lofts offer amenities such as room service and daily maid service.

After about three years, owners can expect to have their mortgage, taxes and insurance paid by the hotel revenue, said Bill Crowell, a principal of Menlo Park, Calif.-based Seaview, the project's developer.

The lofts are priced at about $245,000, with the penthouses selling for as much as $380,000.

The designer was Landau Partnership in Santa Monica. The project's second phase, to begin in January, will add 40 lofts.

Advertisement
Los Angeles Times Articles
|
|
|