With over 5,000 residential market rate units under construction right now in Downtown LA — from South Park to Chinatown, Bunker Hill to the Arts District — only one development project will actually offer condo units for sale as opposed to apartments/lofts for rent. The highly anticipated second phase of Barker Block — located in the Arts District, one of the hottest up-and-coming urban neighborhoods in the country — will be bringing 68 new condo units to the market. Out of ~5,000 units under construction, the new Barker Block Warehouse No 1 units only represent about 1% of the total! Given the low supply and the pent-up demand for new condos, you can only imagine the buyers’ interest for these new Barker Block units. According to the co-developer, KOR, there are 2,800 registered on the interest list.
Construction is wrapping up as Barker Block prepares to release 15 units to the public this weekend at a sales event that will run from Saturday to Sunday from 11 am to 5 pm. Units at the Barker Block range in size from 679 to 2,000 square feet in two buildings (the building facing Palmetto is called “#5″ and the other “#6″ in back of it). However, during the sales event, all 15 units will be located in Building #5. Twelve units will be open-style loft units ranging in size from 679 to 995 square feet and the remaining three units will be stunning two-story townhomes ranging from 1,232 to 1,355 square feet. Prices will start in the low $400,000 range.
Amenities onsite will include a gallery breeze-way that provides access into the other adjacent Barker Block building (the original first phase); an outdoor lounge with green canopy, water fountain, fireplace, and seating areas (still under construction); and the outdoor furnished courtyard within Building #5 that was created by removing the original warehouse roof exposing the historic wooden trusses. Because the entire Barker Block HOA is one contiguous complex, residents in both buildings (phase 1 and 2) will be able to access each other’s amenities, which also includes a gym and pool. Parking for Barker Block Warehouse No 1 residents will be located in a parking structure just up Molino. Yes, the parking will be deeded.
A little historical background: The Barker Block, once the warehouse for the LA-based Barker Brothers furniture company headquartered on 7th Street in the Financial District in Downtown LA, was built in the early 1900s. Barker Brothers started in 1882 and lasted for 110 years before shuttering, sadly, in 1992.