888 N. Main St. in Santa Ana, Calif. Image by Jordan Shields Design
The project, known as 888 Tower, brokered by Lineage Asset Advisors and Brookwood Group, is the first adaptive reuse project to successfully bring multifamily units to Orange County. Alliant Strategic announced the closing of their investment in 888 Tower on November 10, 2020, a 148-unit, high-rise office building that will be transitioned to apartments for workforce housing residents.
The historic building was originally built in the 1960’s by the famous architect Wilton Beckett, designer of LAX international airport and the iconic Capital Records Tower. Once transitioned, units will be targeted to Workforce Housing residents: those making 100% of Area Median Income. Featuring studios, 1 and 2 bedroom units, rent prices will be in the low $2000 per month range. The first two floors will contain “live-work” units: those specifically zoned to attract workers of local commercial businesses. First class amenities in the basement will include a world class fitness center, yoga studio, internet café, social convening area with free wifi, and more. Two stories of subterranean parking will also provide a great parking option, an amenity that is increasingly difficult to find in Los Angeles.
“888 N Main is a generational asset and a rare adaptive reuse investment opportunity in Orange County,” remarks Jeffrey Gould, founder of Lineage Asset Advisors, one of the brokers involved in the project. “This property presents a unique template for reimagining and adapting an older 10-story office building into a much needed 148-unit housing project that is situated in the heart of the Santa Ana central business district. This project is a leading indicator of how older, vacant buildings are being converted into modern and productive buildings for the benefit of the community at large.”
This project was also featured in this article here.