A collection of four separate industrial buildings located between Santa Fe, Seventh Place and the LA River, the project was original conceived by a previous developer who secured $32 million in financing from East/West Bank to convert the structures into 78 live/work lofts. Facing both the challenges of the financial crisis and organizational deficiencies, the project was taken from the original developer by the mezzanine lender, Phoenix Housing. The lender and East/West then engaged in a protracted legal skirmish and the partially completed project sat idle for over two years.
The team at LCD arranged for the acquisition of the first trust deed from East/West when the bank tired of the legal morass. Phoenix proved unwilling to negotiate an amicable resolution and the team at LCD was forced to navigate a year-long court action. Within days of obtaining title, the team was able to deploy their construction crew and activity resumed on the site. Building permits had expired but the team was able to call on the good will it had established with the Department of Building and Safety and new permits were issued on an expedited basis.
The Linear City Development philosophy is founded on the belief that urban housing cannot exist in a vacuum and the developer must program their projects to include complimentary services that activate the street and serve the tenants. Consistent with that philosophy, the team submitted plans to the City to convert 5 spaces that had been designated as lofts into two separate and distinct restaurants. The entitlement process, which included the CUP necessary for the sale of alcohol, was successfully completed in less than 6 months.
Unable to secure bridge financing at the height of the financial meltdown, the team at Linear City Development invested their own capital and deployed their own general contractor services for this project. The remediation and build-out was finished within one year, and within approximately two months thereafter, the residences were fully contracted and restaurant leases signed with well-established operators. Now, the area enjoys Bestia as one of the best restaurants in Los Angeles, attracting food enthusiasts from all around the Southland.