As Auction Nears, Rowan Attracts Traffic

By Eric Richardson
Published: Thursday, January 22, 2009, at 09:27AM

Ed Fuentes [Flickr]

The Rowan Lofts, as seen during a March Downtown Art Walk event.

DOWNTOWN LOS ANGELES — With just over two weeks left before 97 units go to auction, the Rowan Lofts appears to be well on the way to reaching its goal of 150 bidders. The project says that 90 interested purchasers have been cleared through the pre-qualification process, up from 14 just two weeks ago.

A press release sent out by the project yesterday evening says that nearly 750 people have toured the project since the auction was announced. The goal of 150 pre-qualified bidders was given at a recent media preview by Bill Stevenson, a partner with developer Downtown Properties.

Last week's announcement that the city was purchasing the land next to the Rowan for a park certainly could not have hurt interest in the restored building.

The Rowan units will be offered up via a "simultaneous" auction, where bidding is open on all the units at once. This week, Stevenson conducted an interview with National Real Estate Investor about the auction format.

For those interested in taking a look but tied up during the day, the Rowan sales staff will be holding a "Midnight Madness" special this evening, January 22. The sales center, located in the building at 5th and Spring, will be open until midnight for tours of the project.

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