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Leasing Starts at 705 W. 9th, Now Called 'WaterMarke Tower'

By Eric Richardson
Published: Tuesday, April 27, 2010, at 02:03PM
705 W. 9th blogdowntown

Leasing began Monday at the 35-story 705 W. 9th, Downtown's tallest residential tower. The building is now called 'WaterMarke Tower.'

One week after a bankruptcy judge approved its sale, leasing began yesterday in Downtown's tallest residential tower. The 35-story 705 W. 9th, now known as WaterMarke Tower, offers 214 units at prices ranging from $2286 to a touch over $10k.

The building was developed by Meruelo Maddux, but the nearly-completed structure has sat empty since it was put into bankruptcy in September. Last week Judge Kathleen Thompson approved a $110-million sale that put the building in the hands of Corona-based Watermarke Properties.

The company wasted no time in getting activity underway, opening the doors to walk-ins on Monday and launching a leasing website for the building.

The building's biggest selling point is its views, which wrap 360-degrees above floor 21. Corner units feature large glass-walled balconies. A seventh floor amenities level offers a sizable lap pool, hot tub and gym. Watermarke is adding new amenities including a spa, movie room and outdoor fire pits.

Rents in the building will be among the highest Downtown, starting at $2286 for an 862-square-foot one-bedroom loft, pro-rating in three months free. At regular price, that would put the unit at approximately $3.50 per square foot.

Penthouses range from 2,698 to 2,894 square feet, and are currently being offered for rents starting just over $10k.

Just a block away, 717 Olympic entered the market in May of 2008 at similar prices. While it did take time, the building is now fully leased.

A leasing agent said today that walk-ins have been steady, with the first few deposits being taken today. Move-ins can begin May 1, though it may be two or three weeks later that construction wraps on upgrades being made to the common areas and all the window treatments are installed.

Update (May 4): The building's name has been updated from 'The Watermarke' to 'WaterMarke Tower.'

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