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Pan American Sells Its Thinnest Unit Yet

By Eric Richardson
Published: Wednesday, February 07, 2007, at 06:44AM
Pan American Lofts -- 253 S. Broadway Eric Richardson [Flickr]

There's an article running on Globe St right now talking about how the Pan American Lofts worked a tax benefit by giving an easement on the building's facade to the LA Conservancy.

Urban Pacific Builders of Long Beach has struck a deal with the Los Angeles Conservancy and will share tax benefits of the arrangement with buyers of Urban Pacific's Pan American Lofts. In what the builder describes as "one of the first transactions of its kind," Urban Pacific will grant an easement on the ornate five-story 1895 Beaux Arts facade to the Los Angeles Conservancy.

In return, Urban Pacific will receive tax benefits that it says it will share with buyers of the lofts, some of whom may be eligible for tax deductions of up to $80,000, according to Scott Choppin, CEO of Urban Pacific Group, parent company of Urban Pacific Builders. Choppin says that whether buyers qualify for the deduction is something for their individual tax advisers to determine.

The easement on the facade gives the Conservancy the ability to protect the building's exterior from changes that would alter its historic characteristics. It's a cool program, and the Conservancy has a PDF describing easements on their website.

One of the "More Los Angeles News" stories on Globe St really threw me for a loop. The headline reads "Jamison Acquires Grand Avenue Project." Turns out Jamison, whose holdings include Macy's Plaza Downtown, actually bought a property on Grand Ave. in El Segundo.

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