Steve Needleman Plans Broadway Apartment Project

DOWNTOWN LOS ANGELES – Steve Needleman, who runs Anjac Fashion, a major Broadway property owner, plans to break ground soon on a conversion of a nine-story commercial building into rental lofts.

Needleman said work is slated to start in the fall to turn the former Singer Sewing Machine building at 806 S. Broadway into a unique loft building with nine large units, with only one apartment per floor. He has already pulled construction permits for the project.

“I like the larger units and I like having fewer tenants and providing something unique and different from what’s available Downtown,” Needleman said. “For those nine tenants, they’re going to have something spectacular in a commercial area that’s vibrant and that’s happening.”

Having only one unit per floor means the apartments will measure 5,000-6,000 square feet, Needleman said. It also means Needleman can save on some of the construction costs associated with building more units. The cost of the project is not yet certain, he said.

The building at 808 S. Broadway, which rises between the Tower and Rialto theaters just south of Eighth Street, had long been home to garment manufacturers. The tenants have all been relocated to other Anjac Fashion-owned buildings. The firm owns and operates the Orpheum Theater and Orpheum Lofts, the later of which was also designed to accommodate fewer, but larger than average units. The 37 lofts average about 1,300 square feet.

Needleman said the conversion of 806 S. Broadway, which was built in 1930, will likely take about two years.

The plan comes as residential rental rates are rising in Downtown. Last year, rents in Downtown jumped 6%, according to the USC Lusk Center for Real Estate. The school has forecast another 9.6% increase by the end of 2013.

Several other housing projects are expected to break ground later this year, but Needleman’s project would be one of only two adaptive reuse residential efforts under way. The other, from developer Izek Shomof, is a conversion of the Title Insurance Building at 433 S. Spring St.

The project would also add to a recent flurry of development plans on the southern end of Broadway in the Historic Core. Ace Hotel is currently building its facility in the United Artist Theater at 933 S. Broadway. Umamicatessen opened earlier this year at 852 S. Broadway. Cafe Figaro is building out its space at 618 S. Broadway.

Contact Ryan Vaillancourt at ryan@downtownnews.com.