Downtown Los Angeles Commercial Development Recap
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Downtown Los Angeles News (DTNews) just recapped the truly mega number of commercial developments underway or in planning stages for downtown for a total of 94 today with 14 of those added since late spring.
Plans are for at least 3,000 new residential units, Condos and apartments, in just the 14 new projects announced since May 2014. Additionally, 420,000 square feet of Los Angeles net leased retail and polished casual restaurant space is underway in just the 14 new projects.
Downtown LA has long needed street level triple net retail space plus fast and polished casual restaurants to support the rapid gentrification of downtown south and the Arts District. They are getting it and at a much faster pass than I thought possible.
I’m going to link to the update in Downtown News instead of doing the summary myself.
The new projects reviewed are:
1200 FIG: Two 35-story condominium towers of 648 units with 50,000 square feet of Los Angeles net leased retail.
1400 S. FIGUEROA ST.: Seven-story building with 106 residential units and 4,750 square feet of street level retail. .
AMP LOFTS: 320 units of live / work loft type apartments plus 20,000 square feet of retail space in the Arts District.
ARTS DISTRICT RETAIL CENTER: With 125,000 square feet of triple net retail space in the Arts District.
CHINATOWN PARK: Multi level urban park.
COLLEGE STATION: two residential towers of up to 20 stories with a yet unknown number of residential apartments plus 40,000 square feet of street level net leased retail.
FOREMAN & CLARK BUILDING: The 13-story Foreman & Clark building to be converted into 165 apartments. Ground floor to be a couple of restaurants and a lunge.
FREEHAND HOTEL: The 1924 Commercial Exchange Building converted to create approximately 200 rooms in the 13-story Beaux Arts
GLASS TOWER: 24 story tower with 151 condos
GLOBE THEATRE RENOVATION: 101 year old theater to be renovated into high end nightclub
GRAND PARK PLAYGROUND:
HAUSER WIRTH & SCHIMMEL ART CENTER: 100,000 square foot former flour mill will be transformed into the Hauser Wirth & Schimmel arts complex.
LA PLAZA HISTORIC WALK: 345 residential units, with 20% set aside for low-income tenants plus 55,000 square ft of retail and or restaurant space..
SIXTH AND BIXEL: 606 residential units whether it be apartments or condos with 25,000 sq ft of ground floor Los Angeles net leased retail.
UNION STATION MAKEOVER: plans to upgrade the 75-year-old transit hub. A final plan is slated for completion in October.
For much more detail on the new projects plus updates on those previously announced , see below:
And if there are any questions that I might be able to answer I can bet contacted, Scott Harris Realtor at 310-473-4789.
