Pedro Galindo moved into the Higgins Building four years ago, part of the first wave of urban adventurers who set roots in the fledging loft district north of skid row.
Back then, the 24-year-old substitute teacher recalls, the converted 1910 \o7beaux-arts \f7office tower had a definite vibe.
For The Record
Los Angeles Times Friday December 16, 2005 Home Edition Main News Part A Page 2 National Desk 1 inches; 66 words Type of Material: Correction
Higgins Building -- An article in the Nov. 22 Section A about changes in the residential population of downtown Los Angeles said the Higgins Building on 2nd Street opened with residential lofts four years ago. It opened with residential lofts in 2003. The article also said it was converted from apartments to condos two years ago. It was converted from apartments to condos early this year.
"The coolest people were here. There were rooftop parties and barbecues," he said. "It was a very social building. You would have parties every weekend."
That began to change two years ago, when the Higgins converted from apartments to condos, with units now selling for up to $700,000.
The new crop of resident-owners -- who include Galindo and his sister, Natalia, who bought the unit they were renting -- hired a concierge to provide "enhanced security" for the building. The new owners brought in a valet to park their cars at a nearby lot. Galindo said the social scene took a hit, too, as the building seemed to become more insular.
"I think the last get-together we had was four or five months ago," he said.
What happened at the Higgins speaks to a growing gap among those who are rapidly changing the face of downtown Los Angeles.
The recent wave of downtown residents began about six years ago and consisted mostly of renters taking a chance on the first crop of converted lofts in the Old Bank district. They were lured by reasonable rents and the prospect of living in an urban environment.
But much of the residential development since has been condos, changing downtown's residential population. With prices rising, many new residents are making a bet that downtown will continue to gentrify, homelessness and crime will decline and more upscale retail shops will open. In other words, they see living downtown as an investment.
"As prices have increased and amenities have increased, there is no question you are seeing a demographic shift," said Tom Cody, a principal in the South Group, which is building three upscale residential projects in the South Park area of downtown, near Staples Center.
"The first generations of pioneers and early adopters were going on faith that certain things were going to come," he said. "The lifestyle is actually there now. Only now are you going to see people who are leaving decent neighborhoods and ... choosing downtown."
Indeed, the days of the spartan industrial loft are over. Developers say downtown buyers are demanding high-end amenities, including rooftop pools, 24-hour doormen-security guards and elaborate gyms.
