Pacific Electric Lofts
Built in 1905 as home of the famed Los Angeles "Red Car" trolley system and once owned by the Southern Pacific Railroad, this 500,000-square-foot office building is part of the Historic Core Business Improvement District and has been converted into 314 luxury loft apartments on a budget in excess of $60 million. Bank of America is ICO’s historic tax credit equity partner on this Los Angeles landmark. Pacific Electric Lofts commenced occupancy in August 2005 and is currently 98% leased and occupied at rents substantially above pro forma. The building’s redevelopment has received numerous awards including Downtown News’ 2006 Project of the Year and the Los Angeles Conservancy’s 2006 Preservation Award. In addition, the project has been featured on HGTV, and is the recipient of the largest grant bestowed by the television channel’s Restore America program.
Location:
610 South Main Street, Los Angeles, CA
Awards
2007 37th Annual Los Angeles Architectural Awards – Preservation/Adaptive Re-use Category
Los Angeles Business Council
2006 Project of The Year Award – Adaptive Reuse Category
Multifamily Executive Awards
2006 Preservation Award
Los Angeles Conservancy
2005 Project of The Year
Downtown News
2005 Signature Property
California Apartment Association
The J. Timothy Anderson Award for Excellence in Historic Rehabilitation
The National Housing and Rehabilitation Association
Recognitions
Certificate of Congressional Recognition in honor of 100th Anniversary
Congresswoman Lucille Roybal-Allard
Certificate of Congressional Recognition 2006 Preservation Award Recipient
Assembly Member Paul Koretz
Certificate of Congressional Recognition in celebration of 2006 Preservation Award
Congresswoman Lucille Roybal-Allard
Rose Award Honoree
Downtown Breakfast Club