Historic Santa Ana high rise office building is being converted into workforce housing
Woodland Hills, CA, November 2020 – Alliant Strategic announces today the closing of their investment in 888 Tower, a 148-unit, high-rise office building that will be transitioned to apartments for workforce housing residents. The project, known as 888 Tower, brokered by Lineage Asset Management and Brookwood Group, is the first adaptive reuse project to successfully bring multifamily units to Orange County.
“This is an extremely exciting project for us” shares Eddie Lorin, the firm’s CEO. “An opportunity like this, to turn a historic building in Los Angeles into housing for the local workforce, is special for everyone involved. We’re thankful to all of our partners to be able to bring this to fruition.”
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 Management, 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.”
888 Tower is the second investment made by Alliant Strategic Opportunity Zone Fund I, an investment fund sponsored by Alliant Strategic that was formed to invest in real estate within qualified “Opportunity Zones”. Opportunity Zones, created by the Tax Cuts and Jobs Acts of 2017, were instituted to increase redevelopment in economically disadvantaged areas. Across the country, there are roughly 8,700 census tracts in designated Opportunity Zones.
Using a proprietary database created by Alliant Strategic’s affiliate, Alliant Capital, which has $16 Billion in assets under management and has invested in more than 100,000 affordable housing units, Alliant Strategic has developed and employs an algorithm designed to filter the 8,700 Opportunity Zone census tracts for those demonstrating optimal qualities for multifamily development.