February 9, 2004
$75 Million Mixed-Use Project Slated for Lincoln Heights
By DANNY KING
Staff Reporter
AMCAL Multi-Housing Inc., which completed two apartment projects in or near downtown Los Angeles last year, bought the old Bassett Furniture Manufacturing plant in Lincoln Heights and will redevelop the 6.7-acre site into a $75 million mixed-use project that will include nearly 400 residential units.
AMCAL paid $7.3 million for the property at 306-360 W. Avenue 26, just east of the intersection of the Harbor (110) and Golden State (5) freeways. The property includes 190,000 square feet of buildings completed between 1919 and 1978.
The five buildings will be razed for a 121-unit affordable apartment complex and a 101-unit senior housing complex, as well as 165 condominiums and 10,000 square feet of retail, said Percy Vaz, president at Westlake Village-based AMCAL. The project is scheduled for completion in mid-2006.
Vaz said the market-rate condos would be sold from the high $100,000s to the high $200,000s.
As for the retail space, “We’re thinking of a Kinko’s-type retailer and a coffee shop,” said Vaz, who added that property grading would begin later this month.
AMCAL finished work on the 101-unit Castellar Apartments on Cesar Chavez Avenue in Chinatown in October and completed a 49-unit complex at Figueroa and 78th streets in December.
Lee & Associates’ Mike Smith and Jim Kinetz represented AMCAL while Lee’s Matthew Artukovich and David Brandt represented the seller, E.B. Malone Co.