Bullish plans for downtown Los Angeles development
Tuesday, October 29, 2013
The resurgence of business in downtown Los Angeles has been directly proportional to the development of the entire area. The hip and happening are converging once again as LA's downtown is becoming a cuisine and cultural milieu once more.
All key neighborhoods in the area are proudly showcasing 21st-century changes for a city that has allured millions over decades. The resurgence is also seen in a fresh batch of investments in the area like the new hotel projects that are slated for the immediate future. A recent survey of hotel investors in the area has shown a 55 percent increase in acquisition as well as increasing competition among buyers.
While business is the key catalyst for change in most downtown areas, LA has kept true to its trendy habits and launched a comprehensive and diverse resurgence program for the area. Along with new range of offices, retail establishments and hotels, the area is also all set for trendy residential projects that promise classy downtown living for all those who can afford the upmarket prices once these are complete.
There is something new coming up at every corner with a staggering 94 downtown projects in the pipeline simultaneously. Changes are encompassed across all neighborhoods from Little Tokyo, Chinatown, the Financial District, the Arts District, and the Historic Core, among others.
Some of these are public projects and were formally announced, but most of the big-time projects are backed by private investors. These projects have gained prominence through their sheer magnificence and what they have done to change the downtown scenario here.
Here is a look at five projects that have contributed to the bullish plans for LA downtown development:
- Broadway theaters renovation: Plans to renovate the four historic Broadway theaters are a major boost to the downtown area. The four theaters — the Palace, Los Angeles, State and Tower — are being simultaneously worked upon and will open as one massive and unified theater complex with restaurants, bars and lounges to complete the social scene. The project is being done under the aegis of the Delijani family and will be called the Delijani Broadway theaters henceforth.
- Shy residential projects: The next project that has created quite a buzz is the residential project conceptualized by developer Barry Shy. The three new residential projects will transform a 12-story building at Broadway and Olympic Boulevard into 150 upscale apartments; another 250-unit apartment building 13-20 stories tall, south of the first site; and a 20-story, 250-apartment tower a little way off on Hill Street.
- Pacific Mutual remodel: Then there is a much-awaited renovation of the 1921 Pacific Mutual Building, one of the key Financial District landmarks, by Rising Realty Partners. The site includes three buildings held together by a 12-story Beaux Arts edifice and will have a pocket park and a landscaped courtyard with patio dining restaurants when it opens.
- Urban Village housing: The Urban Village at South Park is being touted as the groundbreaking housing complex that will make the dream of upscale urban living a reality for many. The 100-unit building will have seven stories and will have studios as well as live/work residences for the young working generation.
- The BLOC renovation: The one project everyone is awaiting with bated breath is the BLOC — the $160 million renovation plan that will transform landmark Macy’s Plaza into a modern and very chic office and retail hub. The project, planned and developed by Wayne Ratkovich, will transform the site into a retail, hospitality and commercial complex that will also sport an open-air complex on the street level.
Other commercial projects that are going on at full speed include the Topaz, the Traction Avenue Brewpub, Redbird at Vibiana and the transformation of the almost 100-year-old Rialto Theatre into Urban Outfitters. Other notable residential projects that are deemed to change the face of downtown LA include the 916 Georgia St. in South Park, 950 E. Third St., 1111 Sunset Blvd., 1027 Wilshire Blvd., Avant, Ava Little Tokyo, Barker Block, Da Vinci Apartments among many others.
Together these projects are focused at reviving the downtown glory and at the same time bringing back the truly cosmopolitan and legendary LA charm through massive business revival.
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