DTLA LIFE August 2015 www.dtlalife.com
LUXURY BOOM NEW KIDS ON THE BLOCK LIVING TINY! HOMES FOR HEROES FIVE SILVER POCKETS FULL! FLOORING IDEAS URBAN & FURRY
TM
RITZ-CARLTON RESIDENCES AT LA LIVE 3 BEDROOMS | 4 BATHS | 4,250 SQFT. Offered at $8,800,000.00 by appointments only | www.laloftsrealty.com
CalBRE # 01822666 | If you are already represented by a licensed agent, this is not a solicitation to represent you.
DTLA LIFE | Magazine! TM
August 2015
Publisher ULTIMATE LIFE LIVING, llc 215 West 5th Street #1103 Los Angeles, CA 90013 213 221 7090 Editor in Chief Alex LiMandri, alex@laloftsrealty.com Associate Editor Tiffany Gatto, tiffany@dwellhomes.com Art Director Alex LiMandri Contributing Writers Cinnia Finfer - Retail Tiffany Gatto - Real Estate Jim White - Community Petra Wright - Art Janene Zakrajsek - Pets Dr Eve Flores DVM - Vet Dr Leia Castaneda - Vet Juliane Pease - Design Lori Tierney - Lifestyle Margalette Audion - Fashion Dave Culwell - Finances
www.dtlalife.com www.laloftsrealty.com www.dwellhomes.com
DOWNTOWN LUXURY BOOM Recently we had the pleasure of listing a large corner loft unit in the iconic Eastern Columbia Building. Since the opening of the Ace Hotel, the Historic Core continues to get luxury upgrades, such as high end fashion retailers, the Broadway Trade Center revamp, the opening of the Historic Globe Theater and even more new announcements are on the way. The owner of Loft #1003 at 849 South Broadway contacted Shelby Wood Design to help her stylize her loft in order to find a great new tenant who would most likely choose Beverly Hills to call home. With the help of her design team Jennifer Giersbrook and Andrew Henbest, Shelby Wood created an extraordinary living space. The high quality of Shelby’s furniture (featured on this month’s cover) allowed our team at LA LOFTS | Realty ® to lease the loft within a week and several applicants were fighting for it. Spring Street is now set to see new luxury condominiums breaking ground very soon, including a 40 story high-rise residential tower located between 5th and 6th streets that will be giving Gallery Row a new look. This project will definitely create a new era for the most densely populated neighborhood of Downtown LA with more than 20,000 residents, new bars, restaurants and art spaces. When the South Park district is getting several new high end condos that are hitting prices at more than $1,500 per square foot, we are not far off becoming more like San Francisco. Even Manhattan’s creative talent is relocating to Los Angeles more and more. Downtown LA’s renaissance is the main driver for this exodus of people leaving New York City for DTLA. It is totally understandable, who can resist the excitement of a great evolving new city center, combined with the world’s best weather. Please visit: www.shelbywood.com
Alex LiMandri Editor-in-Chief DTLA LIFE TM www.laloftsrealty.com www.dwellhomes.com www.dtlalife.com
FROM THE EDITOR
EASTERN COLUMBIA LOFTS #1003 1 BEDROOM | 2 BATHS | 1,843 SQFT. LEASED: $4,200/M by appointments only | www.laloftsrealty.com CalBRE # 01822666 | If you are already represented by a licensed agent, this is not a solicitation to represent you.
DOWNTOWN
N LA UPDATE by
The DOWNTOWN CENTER BUSINESS IMPROVEMENT DISTRICT
Q2 2015 Market Report
The Downtown Center Business Improvement District [DCBID] released its Q2 2015 Market Report today, revealing that billions of dollars in investment and development can’t come quick enough to keep pace with demand. According to Carol E. Schatz, President and CEO of the DCBID, “If you count just the projects under construction, Downtown LA will be adding no fewer than 10 new high-rises to its skyline. In the long successful history of the DCIBD, we’ve never seen numbers like this.” In spite of this incredible growth, residential, office, and hospitality rates continue to rise and vacancies continue to fall. Highlighting demand for everything in DTLA, key Q2 2015 findings include: Residential • 10,000+ Units under construction (2,001 are condos) • Occupancy Rate remains strong at 97% • Current Population estimate is 59,187. When complete, population will be nearly 77,000
Convention Center– and the 4th largest project under construction in the neighborhood. Retail, one of downtown’s hottest markets with 1.8M square feet under construction, is led by The BLOC, Broadway Trade Center, and At Mateo. Hospitality continues its hot streak with rising Average Daily Rate and RevPar despite delivering almost 500 rooms to downtown’s inventory this quarter. “As much as there is to be amazed at what we have accomplished over the past sixteen years, you can’t help but be in awe of the impact these projects will have when they are completed over the next couple of years,” added Ms. Schatz. For more Downtown LA Market information, you can download the full report at http://downtownla.com/ pdfs/econ_developments/BID_MarketReport2015. Q2.finalOPT.PDF OR READ IT AT THE END OF THIS EDITION OF DTLA LIFE.
Office • Vacancy rate drops to 18.2%, down 1.2% from Q1 2015 and 16% from Q2 2014 • 1.6M Square feet under construction • Quarterly Leasing Volume in excess of 700,000 s.f. Hospitality • 2,700 rooms under construction brings total to 10,678. • $140.89 RevPAR. Up 4.8% from Q2 2014. • $193.33 hotel average daily rate (ytd). Up 8% from Q2 2014. Retail • 6.2% Vacancy Rate • 1.8M Square Feet under construction • $2.60 Average Rent Per Square Foot. Up 22% from Q2 2014 Across the board, Downtown LA continues to experience incredible growth with landmark developments racing to meet demand. Office currently has 1.6M square feet under construction highlighted by mega projects, Broadway Trade Center, Wilshire Grand Center, and Alameda Square. Residential has more than 10,000 units under construction and is led by Metropolis, Oceanwide Plaza, and Circa, a $500M mixed-use apartment and retail development across from the
ABOUT THE DOWNTOWN CENTER BUSINESS IMPROVEMENT DISTRICT (DCBID) The Downtown Center Business Improvement District (DCBID) has been the catalyst in Downtown Los Angeles’ transformation into a vibrant 24/7 neighborhood. A coalition of nearly 1,700 property owners in the central business district, the DCBID members are united in their commitment to enhance the quality of life in Downtown Los Angeles. Bounded by the Harbor Freeway to the west, First Street to the north, Main and Hill streets to the east, and Olympic Boulevard to the south, the organization helps the 65-block central business district achieve its full potential as a great place to live, work, and play. For more than 15 years, the DCBID’s programs and initiatives have been the driving force behind the Downtown Los Angeles Renaissance. Now universally recognized as one of the nation’s most dynamic urban centers, downtown Los Angeles was recently heralded as ‘The Next Great American City’ by GQ Magazine and listed as number 5 in The New York Times’ ‘52 Places to Go in 2014’.
LET’S TALK ABOUT by
Tiffany Gatto
Tiny
Living! HIGGINS LOFTS #210 STUDIO | 1 BATH | 610 SQFT. For Lease: #1,995 by appointments only | www.laloftsrealty.com
There is a movement people. I laugh to myself as I write this article, a former New Yorker finding herself growing daily in knowledge of overpopulation, waste of resources, fracking, droughts, homelessness, my carbon footprint, recycling, world famine and even the general doomsday philosophy. I am constantly thinking, “what am I doing to better the world for future generations”, including my son. I find myself very “L.A.” these days having spent 25+ years alongside the many movements happening outside my doorstep. That said, I don’t know about you but I am ADDICTED to the myriad of real estate programs regarding the Tiny House Movement. Watching the build outs and the end results and the creativity of those involved in the many ways to “live smaller”. Personally, I live in a 659 Sqft. loft in the center of the historic core and honestly I believe I have too much room for my needs. While a “micro loft” (250 sqft.) sounds like a huge down size I realize that I barely use one quarter of my space on a daily basis. Simply put, the tiny living movement is a social movement where people are downsizing the space they live in. Most Americans homes average around 2500 sq. feet. The typical tiny home is around 300 Sqft.. These homes are ingenious in their use of space and can come in all shapes and sizes and usually the creativity of use is mind boggling. People are joining this movement for many reasons including environmental concerns as well as the thought of giving back and being free of the financial burdens we assume while “keeping up with the Joneses”. If the average American spends 50% of their income towards their monthly housing expense this means that there is less money to enjoy outside interests and a lifetime of house payments for most. I say let’s cut that cost by 1/4 and make the city your home. A well designed space does not need to be large. Most often this excuse can be summed up to our consumerist society. How many rooms in your home are really in full use and how many are used only when entertaining others. Take notice and I guarantee you will be surprised by the degrees of excess in our lives, especially for empty - nesters (like me!) Trends in the American society have skewed the common perception of “what is enough”. While downsizing my seem impractical, imagine moving to DTLA where the urban environment can actually be considering “upsizing” in things to do outside of your front door. There is such a myriad of things
to do, from cultural events, to concerts, new shops or restaurants to explore, access to entertainment, the arts, all the elements of life. A quick and easy way to lighten your load is to clean house of all unused items. Boxes of old books or years old taxes, clothes that don’t fit, unnecessary holiday ornaments, old cards from way old boyfriends, travel souvenirs, grandma’s favorite lamp. You can also feel more spacious and less cramped by selecting a unit with high ceilings or large windows. The abundance of historic buildings in the historic core of DTLA often have the loft style apartments which can also offer the opportunity to build a 2nd story in a smaller square footage using fun reclaimed materials. Some of our friends across the Pacific have even built spaces starting at 100 Sqft.. This movement in not new in Japan and has been quickly bleeding over to the USA and beyond. Finished back in 1972, the Nakagin Capsule Tower in Japan presented a new type of avant garde architecture aimed at overcoming the problems of post - war Japanese urban planning. The result was a capsule tower with just over 100 Sqft.w and marketed primarily to Japanese business men. Today the capsule tower still functions as an apartment building and offers a great example to the modern micro-loft designers. New York, San Francisco and L.A. are quickly picking up the trend from homes to apartments and urban areas expect large growth in the coming decades. Big or small, micro or mansion, feel free to reach out anytime for a private tour or real estate conversation. Our professional agents at LA LOFTS | Realty ® are available to assist in buying or selling your home or finding you the new perfect home for your lifestyle! We are more than just your realtors, we’re your neighbors!
Tiffany Gatto (213) 626 5433 tiffany@dwellhomes.com www.dwellhomes.com
NEW KIDS ON THE
BLOCK by
Cinnia Finfer
www.bierbeisl-imbiss.com
Photo Jenny Okun
Photo Jenny Okun
And now for something completely different. The young but storied chef, Bernhard Mairinger, is serving modern Austrian street food in a far more casual setting than his former Beverly Hills restaurant – becoming the newest offering on the Spring Arcade roster of eateries. Imbiss means snack but also refers to the small food stands found in Austrian villages. BierBeisl Imbiss is small and casual, but first rate. Whether you want to start your day with some Viennese coffee (known for being beautifully balanced) and freshly baked Austrian pastries, grab a $4 sandwich as you breeze through the arcade, finish a night out with friends with $15 sausage sampler and Austrian beer, or just catch up over some glasses of wine, BierBeisl Imbiss aims to be a both a great place to grab and go or linger. Mairinger clearly recalls late nights after working at Patina and being hard pressed to find more than a taco truck open after midnight in DTLA. By being open from 8a.m.-2a.m., 7 days a week, BeirBeisl is a relaxed setting for friends to gather throughout the day and into the night.
BIERBEISL IMBISS 541 South Spring Street Los Angeles, CA 90013 (213) 935 8035 www.bierbeisl-imbiss.com
Walter Mendez, one of Los Angeles ascending designers, is taking the DTLA shopping scene to an entirely new level. Featured in WWD, California Apparel and showcased at LA Fashion Week, the Walter Collection dresses are renowned for their construction, fit, fabrication and detailing. It all comes together to create a neck-snapping wow factor that is garnering a growing roster of celebrity clients. For those of us for whom red carpets are not a natural habitat, Mendez also has a line of cocktail dresses starting at $695. Photos really don’t do these dresses justice, you should see them for yourselves. But considering how busy his Hill Street salon has become, your best bet is to call for an appointment.
WALTER MENDEZ 939 South Hill Street Los Angeles, CA 90014 (213) 947 3139 www.waltercollection.com
Photo Walter Collection
Photo Cinnia Finfer
At last, DTLA finally has its own Sheikhs. While there are a total of 150 Sheikh stores, the DTLA location is store #1—featuring the new look for the company’s retail presence as well as having all the new releases and limited issues first. While this is blessed news for sneakerheads, the uninitiated should know that Shiekhs also carries a full range of footwear including dress shoes, sandals, boots and casual apparel for men, women and kids. Shoe prices start at $19 and top off at $110 with the exception of certain limited editions that can cost up to $500.00. Men’s apparel ranges from $30-$75 dollars for shirts, $150.00 for jackets.
SHEIKHS 745 SOUTH BROADWAY Los Angeles, CA 90014 (213) 622 0658 www.sheikhsshoes.com
This is a store that is so well merchandised you can’t believe it’s only been here a matter of months. One of the challenges with clothes shopping in California is that most stores’ selections are based on east coast timetables. (Try finding a real sweater in June, when you actually need one.) The brother and sister team of Keith and Emily Wilson have answered our prayers with No Season. Providing a season-less perspective on fashion that caters to style rather than delivery drop dates, No Season is well stocked with both men’s and women’s better contemporary clothing and accessories from hard to find DTLA and Australian designers.
NO SEASON 110 Winston Street Los Angeles, CA 90013 (562) 485 7355 www.noseasonlosangeles.com
Photo Cinnia Finfer
Photo Cinnia Finfer
The sexy little sister of Rocco Espinoza’s Round2LA is a celebration of the dark angel in all of us. Offering a tempting selection of lace, velvet and leather these clothes feel as good as they look. House of Widow, Lip Service Cult and Kill City are just a few of the lines featured. Time to release your inner vixen. Every lady should own at least one pair of patent leather shorts, a beaded dress and some jaw-dropping lingerie. For guys, there is more of a rock and roll vibe with a great selection of woven shirts and drop crotch pants. Great style and everything is under $100.00.
STUDIO 6 548 South Spring Street Los Angeles, CA 90013 (213) 623 5033 @studio6dtla
Perfect for a casual lunch, catching up with friends after work, or first stop on a night out, Barrel Down is an inviting space and a welcomed source of energy to 7th street. Nothing adds a party atmosphere like a beer hall and with 40 craft beers to choose from (20 core/20 rotating), cocktails, wine and even Stumpington coffee, Barrel Down has got what you need. The menu is southern style with Asian flair – translation: burgers and sandwiches, small plates and sweets. Prices start at a $4 for a half order of hand cut fries and peak at $21 for steak and sweet potato dinner. Hours are 11a.m.-2a.m. with lunch being available till 4 p.m. Social hour is a 4p.m.-7p.m. affair and dinner is served from 4p.m. – midnight. It’s so good you just might not make it to your second stop.
Photo Cinnia Finfer
BARREL DOWN 525 West 7th Street Los Angeles, CA 90013 (213) 232 8657 www.barreldownla.com
Grand Central Market has become the best of both worlds-a lively local hangout and a showcase of some of the best food in town. Case in point is the new addition of Bombo, part fresh fish market, part broth based diner, featuring healthy quickly-prepared dishes. Cool concept in and of itself, but helmed by legendary chef Mark Peel (Spago, Campanile, La Brea Bakery Tar Pit) you know you are in good hands. The name“Bombo,” is inspired by the steel-jacketed steam kettles used to prepare the dishes. Bombo’s open kitchen with stainless steel counter and six steam kettles and comfy red upholstered stools provide a singular opportunity to see the man ply his craft. While the menu is focused on seafood entrees such as seared yellowtail and steamed mussels, there are meat and vegetable options as well, like Fried Chicken, Pork Pot Stickers, Braised Beef Short Rib, and Spicy Red and Green Coleslaw. Bombo stays open until 9 p.m. Thursday – Saturday, so if grabbing lunch at GCM is not easily done, check it out after work some time.
BOMBO Grand Central Market 317 South Broadway Los Angeles, CA 90013 (213) 624 2378 www.bombofoods.com
Photo Courtesy of Bombo
Photo Courtesy of Bombo
www.bombofoods.com
Photo Julianne Pease
DESIGN by
Julianne Pease
Floors
Are you thinking of replacing the flooring in your home? There is a lot to consider regarding this major purchase. In addition to costs, durability and style it is important to think of the best type of flooring for the specific room and the function of that space. It’s important to think more about what the best type of flooring for each room is as opposed to what looks the best. The design team at CM In The City put together for us a great guide on flooring that breaks down the advantages and disadvantage of the most popular flooring options available. Cathi and Mary Alice also shared their insight on flooring options and “When we offer suggestions of best rooms there are no hard and fast rules,” Cathi said. Hardwoods Hardwood flooring: known for its natural beauty, durability and return on investment is an excellent choice for creating visual room-to-room continuity in homes with open floor plans. If you are contemplating hardwood for a high traffic area, consider hand scraped hardwood. The cost is a little higher, but scuffs, scratches and small marks are easily camouflaged. Engineered wood is a composite made of woods and other fibers bonded together to create a strong product that looks so real you often cannot tell the difference between it and solid hardwoods. If you like the look of hardwood, but need to stick to a budget, then engineered wood is the way to go. You never have to sand and refinish it. If someone wants to change up the look of their home after years of enjoying it, you can sand and change the color giving your home a new look. Advantages: Hardwood looks great and has great resale value. The floors are easy to clean and maintain, usually requiring only vacuuming. By adding large area rugs you can ground the space, add design, and all the while, gain some soundproofing. Disadvantages: Cost is the largest drawback. Like tile, hardwoods are also loud to walk on. Real hardwoods need refinishing occasionally in high-traffic areas. Also, standing water can ruin them. The engineered wood option can save you a little money. Best Rooms: Dining and living rooms are both great for hardwood flooring. Also, as mentioned above,
Photo Julianne Pease
Photo Julianne Pease
an open floor plan or entryway works great as well. A master bedroom with a hardwood floor and a big area rug can bring a very luxurious feel to that space. Natural Stone Stone tiles have been used in home interiors for hundreds of years: These tiles are natural, beautiful, and always stylish. Natural stone flooring can make a big impact on your room’s design by adding elegance and luxury or casual charm to a space. The naturally cool, hard surface is ideal for warm climates and does not harbor dust or allergens. The most common natural stone tiles are made of granite, marble, limestone, slate and travertine and this great variety offers something for every design.
Disadvantages: Tile can be very loud to walk on and can create an echo effect. It can also be cold, and heating systems for tile are very expensive (but worth every penny if the budget allows). The grout gets stained and does needs to be cleaned. And lastly, tile, like stone is hard to stand on for any length of time.o Best Rooms: Since tile is water resistant, it is perfect for a bathroom or a kitchen. I Tile may also work well in a dining area where frequent food and drink spills tend to occur. Laminate Laminate flooring comes in many looks and styles. If you love the look of hardwood, but you don’t want the expense or the hassle, laminate flooring could be your perfect choice.
Advantages: Stone floors are easily maintained with frequent sweeping and occasional damp mopping with warm water. Routine cleaning as recommended by the natural stone manufacturer will provide many years of service.
Laminate can be used all over your home, not just in the living room and the bedrooms. Recent technology in the manufacture of laminate flooring has been developed to ensure that laminate offers stylish quality.
Disadvantages: The number one issue with natural stone is staining. The honed and polished stone tile can be very slippery when wet, however there are stones that have a textured, skid-resistant surface for kitchen and bath applications. Like tile, stone floors are hard to stand on for long periods of time. Cost can be a real con depending on your redesign budget.
Advantages: Like hardwoods, laminate is easy to clean. You can even make your own cheap and natural house cleaners. It is also great for pets because they can’t scratch or stain it. If it does get a scratch, you can apply a little vegetable oil to the mark and it will disappear. It looks so much like real wood or tile that it can be difficult to tell whether the product is real or not.
Best Rooms: The best rooms to install natural stone flooring would usually be a bathroom, kitchen, large foyer or grand entry.
Disadvantages: Standing water will ruin laminate flooring. If laminate does get damaged it can’t be refinished, like hardwoods.
Note: Limestone and sandstone need to be finished every couple of years with a stone sealer. Harder stones, such as granite and marble, should be sealed every four to five years.
Best Rooms: Laminate is great for high traffic areas such as a foyer or any room with a lot of activity because it’s incredibly durable, and won’t be easily scratched or damaged.
Tile
Carpet
The many shapes, sizes, colors and textures of floor tiles make it easy to create custom, one-of-a-kind patterns. Complimentary decorative trim pieces and mosaic inlays provide limitless design options. The most common tiles used for flooring are; glazed ceramic, quarry tile (unglazed ceramic), porcelain and terracotta.
Today’s carpet manufacturers have your lifestyle in mind, which is why they’re developing the softest, most foot-friendly carpets ever. Advances in fiber, weave and backing technologies have resulted in carpet that brings both durability and refinement to any room, making them especially good for a growing family.
Advantages: Glazed ceramic tile is very durable and resistant to scratches. It is water resistant. Tile comes in a variety of sizes and materials and has a wide variety of design possibilities. Additionally, tile is fairly easy to clean, and stains are not much of a concern.
One of CM In The City’s favorite go-to sources for carpet is Masland carpets and rugs. They have a large selection of outstanding various styles and designs. Cathi suggested commercial carpet as a great way to go. They are not your carpets of the 90’s. Commercial
carpets come in high style and are extremely durable; Mary Alice further shared that two of their current favorites are Masland’s Metro and Verve patterns. There are many different grades of carpet to choose from and then you have to add the cost of padding, and installation. The padding also comes in different grades and this is one area you don’t want to skip on. Advantages: Carpet not only feels soft underfoot, but it also gives a softer look to a room. It is quiet to walk on and prevents echoing throughout a home. Carpet is quick and simple to install and can go over uneven subfloors. Disadvantages: Although advancements in fiber technology have enabled carpet to be more stain-resistant, it still can get stained. Even with frequent vacuuming, carpet will still contain hidden dirt and allergens, which is why carpet is not good for people with dust or dust mite allergies. Along with frequent vacuuming, carpet also needs to be steam-cleaned occasionally to keep it fresh.
crete floors is that they do not retain heat well. Best Rooms: Concrete can work in any room, however, due to it’s colder nature and lack of soundproofing CM does not recommend it in bedrooms or nurseries. Consulting with a professional can be helpful in deciding which type of flooring you want. A professional installer, contractor or interior designer should always be more than happy consult on your project and share their expertise. If it is a large job and you have not engaged a design team be sure to get a few bids and check references. Cathi and Mary Alice hope you find this flooring comparison useful as you embark on your next flooring purchase. To learn more about the professional design team at CM In The City and to view their portfolio go to website: www.cminthecity.com.
Best Rooms: Carpet can work in just about any room in the house It offers a cozier look and feel, which is especially welcomed in a bedroom. If you have someone in your home with allergies the bedroom can still enjoy the warmth of carpet by placing a bound piece of carpet on top of a hard surface floor. This bound carpet can be vacuumed underneath, and sent out occasionally for cleaning. Concrete The industrial look in interior design is a great way to give your loft a distinctly urban feel. One of the easiest ways to achieve an industrial look at home is by using industrial materials such as concrete. There are many people doing great jobs with concrete. Do your homework and find a good one or you may not be pleased with the outcome. Advantages: Concrete flooring is extremely tough and resilient. Keeping a concrete floor looking its best will only require a minimum amount of maintenance. There are endless varieties of colors and textures available. A concrete floor helps to set the tone for a modern or industrial design plan. Disadvantages: Concrete doesn’t yield and the hardness of concrete makes it uncomfortable to stand on for long periods of time. Another drawback of con-
CM DESIGNS Cathi Marcoly (323_ 942 9920 Mary Alice Slattery (323) 942 9921 www.cm-designs.com
Photo Julianne Pease
The macabre musings and exquisite, twisted genius of sculptor Robert Toll are explored this August at GDCA, in an interdisciplinary exhibit called “Anticipation of Chaos” - a multi-media installation, featuring selections from Toll’s figurative sculptures, his kinetic series and his conceptual, minimalist, mobile sculptures – as well as the artist’s rarely exhibited paintings. “Anticipating chaos was the title of one specific sculpture. After seeing the work I created for this show I realized that every sculpture, the materials and the diversity all represented chaos. The particular sculpture “anticipating chaos” is a conceptual piece. It appears calm, peaceful, curious, but you look at it and know something is going to happen. That would apply to many things today from an earthquake, to a terrorist attack. The work covers figurative, representational, abstract, and conceptual.“ – Robert Toll There is an element of danger in all of Robert Toll’s work, an underlying threat, partly due to the nature of his material. Metal is known for its durability and strength. It can be functional or deadly, depending on its purpose. It is a matter of perspective - interpretation is key. The offbeat comes naturally to Toll. “I have always had a weird, sick mind”, he confesses. But upon examination, it is perhaps merely ‘void of judgment’. To Robert Toll, people and situations are neither good nor bad, but rather interesting or uninteresting. He admits to being drawn to people, not so much based on whether they share certain core values, but rather on how amusing he finds them to be. Humor is at the base of everything for Toll. To some, his perspective might seem dark or macabre, but he considers himself an optimist. His goal is to find humor in the darkness, to look reality in the face and make light of it through his art. The beginnings were unusual for Robert Toll. He didn’t find his calling until his college years. Having gotten a business degree and taking some engineering classes, he found himself working at a manufacturing company, where he was introduced to welding. Welding can be intimidating, even scary in its intensity, with the fire sparks, the heat and the noise …but it also forces you to be completely in the moment. Toll was rapt. Being a man, whose synapses fire on many levels at once, it mesmerized and focused him. He instinctively knew that this was it – this was what he was going to do with the rest of his life. A man of action, he completed 10 sculptures, and set about introducing them to galleries. He quickly booked his first show. His instincts proved him right - the response to his work was resounding. He had a natural affinity for the material itself, and a rare talent for coaxing expressiveness from the seemingly stoic and un-yielding material. Metal is a challenge for any artist and Robert Toll likes challenges. One might guess that they amuse him. Initially his works centered on the human figure, which explored emotion versus action. Later he was inspired by the shapes of horses, by the melancholy that seems to surround them, and the fact that you can only guess at what they are thinking, but you can feel what they are feeling. Initially he approached his horses literally, staying true to their anatomy, but he soon found that the magic eluded the sculpture in its correctness. He elongated
ART
SPOTLIGHT by
Petra Wright
Robert Toll’s “Anticipation
of Chaos”
the shapes of the legs, which created a different feeling, and his signature style was born. Of primary importance for Toll is the principle of using the least amount of lines possible in his compositions. Sometimes he will set challenges for himself, such as using only 3 -5 major lines or objects to complete a piece, similar to Haiku poetry…did I mention, Robert Toll likes challenges? “Anticipation” is part retrospective, part debut of new works. One of the major ways, in which his work has changed over the years, is the substitution of the manipulation of the material by ‘force’ with the ‘selection’ of found metal objects. This is mostly based on the changes he has undergone physically over the years, and the work has adjusted with his abilities and limitations. This presents a welcome creative challenge for Toll, forcing him to find new ways to express his thoughts and emotions despite his physical limitations… instead of bending and wrapping the metal to yield to the desired angles and expressions, now it has become a puzzle, finding the perfect shape of a found piece of scrap metal to complete his vision. “Anticipation of Chaos” will be on view at GDCA through August 31st. For more information please go to www.GDCAgallery.com or call #(323) 309 2875.
GLORIA DELSON CONTEMPORARY ARTS 727 South Spring Street (between 7th & 8th) Los Angeles, CA 90014 (323) 309 2875 www.GDCAgallery.com
46
FIVE SILVER POCKETS FULL! by
Lori Tierney
Regardless of the hype and conflicting reports on the Internet about this August 2015 comprising an alignment of 5 Fridays, 5 Saturdays and 5 Sundays, once in 823 years, (Chinese silver-pockets-full legend) the facts do remain that indeed this is the lineup for the month. Perhaps the real gift in all the rhetoric is that this special aligning of 5’s is getting us to think about our resources, whether they be our personal monetary situation, our planetary resources, or abundance, in all its forms. It’s an opportunity to take stock in all things that feature our abundance and welfare. Perhaps you have an unusually large bank account right now, but are feeling deprived in the relationship area of your life, or your health has taken a toll. Accumulating all that “wealth”, and spiritually you feel a void. August, the mid-way mark to the year is the perfect time to pause and reflect on the year’s goals and make some minor or even major tweaks to your life. Time to re-set the course and steer your ship of life in the direction that affords you balance and happiness. Personally, I find even the smallest daily changes to be the most powerful. Others prefer to play larger and overhaul in a big way! Ultimately the changes you make and how they are initiated is up to you. The question we often find ourselves asking is this: what is the most important change we can make if we only had ONE to select? This is where stillness and meditation come in. As the great Master Teacher, the Buddha suggested, all the answers we seek are indeed within us. Indeed. Turn off the iPhone ringer, lock the front door, unhook the landline, if you still have one, dim the lights, light a candle, burn some sage or palo-santo (refer to previous articles for more on this practice), light your favorite incense, sit comfortably on your favorite couch, chair or meditation cushion. Remember you do not get more “spiritual points” for sitting cross-legged on the floor in agony. Are you meditating to sit (and to “look cool”?) or sitting to meditate? (to find answers). The latter, of course! Many of us lose sight of this fact and think nothing is happening if we are not sitting a certain way, wearing the latest yoga outfit or holding your thumb and index finger together. Meditation is as unique to each individual as a snowflake that falls from the sky…no two are alike. It’s your practice. In fact, feel free to skip all the foreplay mentioned at the beginning if you prefer to meditate with noise and bright lights, or dislike incense, etc. Find what works for you. It’s not the method; it’s the intention and repetition that will garner results over time.
49
50
Once you settle into a comfortable position, eyes closed, begin to simply watch your breath, listen to the rise and fall as it goes in through the nostrils and out again the same path. Allow the inevitable noises, smells and other distractions to be acknowledged, and then simply return to the breath, again and again for as long as you are able to stay and just be. That may be a few minutes, twenty, thirty or all day.
in a way that also allows me to honor my own personal spiritual practices, like yoga, meditation and chanting. As a Feng Shui practitioner, I also know how important our personal space can be in reflecting balance to us and how important our surroundings are in attracting that which we choose to bring into our daily experience. Perhaps as a “nod” to the validity, however anecdotal or superstitious
Now comes the tricky part. The part of all this that gives you the information you are seeking - that message you are looking for. For some it will come in the form of actually “hearing something verbally”, as in a conversation with a friend. For others, it may be a “gut feeling” or sensation, like goosebumps on your arms, legs or all over. I t may be an actual vision or picture in your mind’s eye, or it might be all three, or a combination of two. If you happen to have a journal nearby, which I highly recommend, take a few minutes post meditation to jot down your first thoughts, sensations or visions. Herein lies the pearl, the answer, the juicy part of all this inner work you just did. You might be surprised at how simple the suggestion is! Whatever is revealed, it is magical because it comes from the source of your own inner wisdom, your own personal compass.
August’s “silver-pockets-full” declaration of abundance is, I was guided to drive to Downtown LA’s Chinatown district and walk the streets chatting with the local shop merchants until I found the tallest, healthiest money tree to replace one I had gifted to a good friend. I placed it in a regal position in the Southeast corner of my living room, blessed its abundant magnifying properties and, almost immediately, calls for new projects and proposals came flooding in.
As an example, I have been slowly working on ramping up income and clients for my new business, all while choosing to stay in balance with personal health, and
May your August be one of abundance, peace, joy and time for the personal practices that garner inner balance for you! Namaste!
Word came from a company that owed me money that it would be deposited on Monday, and a check came in the mail. Perhaps you would say that these things would have happened anyway, without the “money tree” and my Chinatown sojourn? My reply to that is that now its time to go and water that money tree!
Lori Tierney @cougaryoga www.loritierney.net www.redroadretreats.com
Animal Haven: Lifestyles of the urban and furry by
Janene Zakrajsek
In 1996, if you had told us that Pussy & Pooch would be at the epicenter of the DTLA pet community, we wouldn’t have imagined it. Pausing to reflect on the decade milestone of LA Lofts in the last issue, we have been reminiscent of one of our own today, as I celebrate transplanting from Cleveland to Los Angeles 19 years ago. A graduate of the Fashion Institute of Design & Merchandising/FIDM and former staff member of the design college, I first became a DTLA resident in 2001. Having made the long journey from Ohio to California with my two cats in tow, for years I had to do my pet related errands all over town, schlepping heavy cat litter, and searching for premium foods & grooming services. My then soon-to-be husband and business partner had a similar situation, albeit suburban experience, as a dog-owner transplant from Toronto to San Diego. It goes without much saying that the urban landscape in DTLA all those years ago was dramatically different than what we have today and without any shred of an actual or dynamic ‘pet community’. As our personal relationship developed over time, so did our affinity toward pet specialty retail stores, seeking out the local pet stores wherever we would travel as a way to treat our pets to something fun and unique. The inkling to create a pet specialty retail store in DTLA for modern residents and their pets began in 2005, as we continued to be inspired by the renaissance happening all around us… The Historic Core being ground zero for the pet-loving community. Launching Pussy & Pooch was our way of sharing something special with our neighborhood-at-large and ultimately has been something that has built a strong community of pet people, some may even say, an ‘animal haven’. In turn those ‘pet people’ have changed the face of DTLA four paws at a time, making our neighborhoods safer, more comfortable, more dynamic, and for those of us with fur kids, a lot more enjoyable. What started as an idea to create a pet-friendly amenity (with the name not easy to forget) has now developed into 4 locations and an award winning a pet lifestyle brand that is known locally and places around the world in 10 short years. Creating a design forward, edgy and fun retail experience that could be appreciated by our creative community of artists, designers, entertainment professionals and others-- for people who love their animals as
much as we do ours—becoming a trusted pet care resource for health, wellness, and urban lifestyle, that is who we are. We’ve enjoyed a great number of clients-- both human and nonhuman-- obviously we are known for cats and dogs, but have had a wild assortment of in-store visitors that have included rabbits, pigs, parrots, and even an iguana and a pair of llamas! Many people were curious and frankly shocked by what we created when we opened our doors near the end of 2007. Our proximity in the Historic Core to Skid Row has not gone unnoticed. An interesting fact about Pussy & Pooch is that just as our animals reserve judgment and love unconditionally, we have accepted our community for what it is, and in turn have had the respect and business from many of our neighboring people, including the Skid Row residents. Where two worlds potentially collide over gentrification, they actually peacefully coexist in our world when united by bonds of animal companionship. We’re proud to become a solid resource for all things related to pet care and for every demographic woven into our diverse culture. Our single most important job is to help others care for their animals. For DTLA residents caring for animals, we’ve established a fun, safe, clean, social spot to unite the pet community and supporting it in many ways though outreach, fundraising, donations of products/services, hosting adoption events, and advocating animal welfare. Our monthly Mutt Mingles on the last Tuesday of the month are a great socialization opportunity for pups – and people alike. Situated within Gallery Row, flashing back to Art Walk in the early days when we were featuring a collection of local artists in our Bailey Gallery; Animal-themed artwork sales transpired where our Meat Market pet food aisles are now currently shopped. A lot has changed over the years as our city takes shape. It’s an awesome feeling to think of all the new puppies/ kittens we’ve met and watched grow; the newly adopted rescues getting acclimated to a new environment; the somber loss of lifelong friends who’ve gone to the Rainbow Bridge; old neighbors/friends; new neighbors/friends, and ever evolving human relationships; even those that move away from DTLA may still come back—what remains constant is at heart—our city, and our pets of DTLA.
Insider Tip | Our Favorite DTLA Pet Friendly Place Q| Where is the best park to walk your dogs? Vista Hermosa Natural Park Located at the western gateway to Downtown, 10.5-acre Vista Hermosa Park is an urban natural park developed and maintained by the Santa Monica Mountains Conservancy and the Mountains Recreation and Conservation Authority (MRCA) that boldly returns the serenity and diversity of nature to the Los Angeles urban core. The park features walking trails, streams, meadows, oak savannahs, picnic grounds, and a nature-themed playground amidst native Mediterranean vegetation. Address: 100 N. Toluca Street - the park is on First Street west of the 110 (Harbor Freeway) between Beaudry and Glendale Blvd.
PUSSY & POOCH 564 South Main Street Los Angeles, CA 90013 (213) 438 0900 www.pussyandpooch.com
www.globetheatre-la.com
NIGHTLIFE by
Alex LiMandri
www.globetheatre-la.com
GLOBE THEATRE Honoring the Past, Celebrating the Future Built in 1913, The Globe is a Theatre filled with history. Today, it has regained its impressive luster of past times with its historic entrance on Broadway, one of the most prestigious avenues in Los Angeles. Artists, actors, and acrobats perform in this magical space. Its ideal size allows exceptional shows while the latest audio technologies, lighting, and special effects enhance the Baroque architecture. The Globe Theatre is a venue with infinite possibilities: High-end Clubbing, fashion shows, filming, corporate/private events, live concerts. The Globe is now open every weekend with Dj resident Julien Roussel from Ibiza and guests.
GLOBE THEATRE 740 South Broadway Los Angeles, CA 90014 www.globetheatre-la.com
THE WORLD IS
This month, DTLA LIFE and THE WORLD IS A SAFE PLACE, is proud to let you know that on Friday, June 5th, 2015, the United Way of greater Los Angeles CEO and President, Elise Buik, Los Angeles Mayor, Eric Garcetti and the Veterans Affairs Secretary, Robert McDonald, publicly committed to support the launch of ‘Homes For Heroes’, an effort to connect vacant units throughout LA County to veterans ready to be housed as part of our community’s work to end veteran homelessness. A commitment from market rate landlords willing to accept veterans with vouchers is the critical last step needed to house the current 4,344 homeless veterans, and the increasing number falling into homelessness each day. Please get involved and help find homes for our most honored.
S A SAFE PLACE by
Jim White
Jim White THE WORLD IS A SAFE PLACE (213) 620 8000 info@theworldisasafeplace.com www.theworldisasafeplace.com
HOMES FOR HEROES RENT TO A HOMELESS VETERAN AND TOGETHER WE CAN END VETERAN HOMELESSNESS IN L.A. COUNTY THE PROBLEM: Los Angeles County is home to 4,344 homeless veterans. The good news is that there are now enough rental subsidies and supportive services to house all of L.A.’s homeless veterans by the end of 2015. All that is missing are landlords willing to rent to them. THE SOLUTION: “Homes for Heroes.” Landlords rent vacant units to a homeless veteran and receive fair market rent and the support of a network of service providers.
BENEFITS OF PARTICIPATING IN THIS EFFORT GUARANTEED RENT: Paid through direct deposit (tenants are responsible for a small portion of the rent). CONTROL OF TENANT SELECTION: Landlords can screen and select tenants to confirm compatibility. SINGLE POINT OF CONTACT: With a case manager for timely response to tenant and landlord concerns. PARTNERSHIP: Program provides support to both landlord and tenants to ensure a successful placement.
4,344
4,344+
???
HOMELESS VETERANS IN LOS ANGELES COUNTY
RENTAL SUBSIDIES TO HOUSE HOMELESS VETERANS
NUMBER OF RENTAL HOUSING UNITS DEDICATED TO HOMELESS VETS
HOUSING AUTHORITY COUNTY OF LOS ANGELES
HOUSING AUTHORITY CITY OF LOS ANGELES
WHO IS ELIGIBLE TO PARTICIPATE:
RENTAL PROCESS
Any landlord or property management company operating rental housing anywhere within L.A. County, including the City of Los Angeles and other cities.
1
Landlord notifies Home For Heroes when vacant unit is available by visiting www.unitedwayla.org/homes-for-heroes.
2
Staff accompanies potential tenant for apartment showing and to complete the proper paper work.
3
Landlord fills out the request for tenancy approval form (staff to assist).
4
Housing authority schedules inspection of vacant unit.
5
Staff coordinates lease signing, security deposit, rent payment and move-in.
6
Tenant moves in and receives on-going staff support.
7
Landlord receives rent.
WHO WE ARE
“Homes For Heroes” is a project of Home For Good, which is a collective effort to end veteran homelessness by 2015. It is an initiative powered by the United Way of Greater Los Angeles, the L.A. Area Chamber of Commerce, and driven by the combined forces of 200+ cross-sector leaders and private and public agencies.
FOR MORE INFO PLEASE CONTACT: HOMES FOR HEROES Tina Estedabadi (213) 808-6608 homesforheroes@unitedwayla.org DOWNLOAD A REQUEST FOR TENANCY APPROVAL FORM AT: HOMEFORGOODLA.ORG/RFTA
FEATURED LA LOFTS | Realty® Alex LiMandri , Jim White & Tiffany Gatto CalBRE # 01822666
info@laloftsrealty.com www.laloftsrealty.com
D LISTINGS
4 BEDS | 3.5 BATHS | 4,250 SqFt CalBRE # 01822666 |Listing Courtesy of BIG BLOCK REALTY If you are already represented by a licensed agent, this is not a solicitation to represent you.
RITZ-CARLTON #47G
$8,800,000
(213) 626 5433
1 BEDROOM | 1 BATH| 1,190 SqFt + TERRACE CalBRE # 01822666 |Listing Courtesy of BIG BLOCK REALTY If you are already represented by a licensed agent, this is not a solicitation to represent you.
EASTERN COLUMBIA
#1009
$899,000
(213) 626 5433
LOFT | STUDIO | 1 BATH | 610 SqFt + PATIO CalBRE # 01822666 |Listing Courtesy of BIG BLOCK REALTY If you are already represented by a licensed agent, this is not a solicitation to represent you.
HIGGINS LOFTS
#210
$1,995/m
(213) 626 5433
1 BEDROOM | 1 BATH| 1,130 SqFt.
EASTERN COLUMBIA
#1106
$3,495/m
Downtown LA Market Report Q2 2015
Wilshire Grand Center
Metropolis
The BLOC Downtown Center Business Improvement District
Q2 2015 MARKET REPORT
About the DCBID Founded in 1998, the Downtown Center Business Improvement District (DCBID) is a coalition of nearly 1,700 property owners in the central business district united in their commitment to enhance the quality of life in Downtown Los Angeles. The organization has been a catalyst in the transformation of Downtown into a vibrant 24/7 destination. The mission of the Economic Development team is to improve and revitalize Downtown Los Angeles and bring investment and new businesses to the area. We provide services to current and prospective residents, workers, and businesses including: • Development Consulting
• Research and Information Requests • Events and Marketing
• Monthly Housing and Office Tours • Customized Tours and Reports
Whether you need information on new construction, introductions to local decision-makers and influencers, or you just want to learn more about Downtown’s dynamic growth, we are the portal for information on all of Downtown LA. To learn more about Downtown’s Renaissance and how to join us, visit www.downtownla.com.
DEFINITION OF DOWNTOWN LA The DCBID defines Downtown Los Angeles as the area bounded by the 110, 101 and 10 freeways and the LA River, plus Chinatown, City West, and Exposition Park. The projects contained in this report are within a portion of Downtown Los Angeles, shown on the map to the right. All photography by Hunter Kerhart 2
Downtown Center Business Improvement District
Q2 2015 MARKET REPORT
Table of Contents EXECUTIVE SUMMARY ............................... 4 MARKET OVERVIEW
Residential ................................................... 6 Office ........................................................... 6 Hotel ............................................................ 7
00 6
Retail ............................................................ 7 DEVELOPMENT UPDATE Overview...................................................... 8 Significant Real Estate Sales ...................... 8 Commercial Development Map ................ 9 Residential Development Map ................ 10 Under Construction .................................. 12 Proposed ................................................... 14
9
FEATURED PROJECTS Major Mixed-Use ...................................... 16 Residential ................................................. 17 Office ......................................................... 18 Hotel .......................................................... 19 Retail .......................................................... 20 Civic & Cultural ......................................... 21 SPOTLIGHT ON DTLA
17
Local Media ............................................... 23 US and Global Media ............................... 24 Downtown Center Business Improvement District
3
Q2 2015 MARKET REPORT
Executive Summary Downtown’s revitalization continues to reach new heights in 2015 with strong performances across all sectors. Leading the way, DTLA favorite The Ace Hotel sold for $103 million, over 9 times its 2011 purchase price, and 4th & Traction changed hands, selling for $49 million – double its sale price from just one year ago. The residential construction boom got another boost with the groundbreaking at Circa at 1200 S. Figueroa, bringing the total number of residential units under construction to 10,369. Meanwhile, the growing housing demand kept Downtown rents rising and occupancy rates strong.
Office
Downtown office space rents also rose with increased demand and a fourth consecutive quarter of positive net absorption. In a sign of confidence in Downtown, AECOM and Lewis Brisbois signed long-term leases on Bunker Hill for almost 350,000 combined square feet.
Hotel & Retail
The hospitality sector continues to expand with over 2,700 hotel rooms under construction. New brands were announced for The Case Hotel (Proper Hotel Group), Metropolis (Hotel Indigo from IHG), and the Grand Avenue Project (Equinox Hotels). Retail highlights include the opening of Pitchoun Bakery & Café in the PacMutual Building, and A.P.C. and Floyd’s Barber Shop in the Historic Core. The eyes of the art world are on DTLA as The Broad prepares for its eagerly anticipated September 20 grand opening. Meanwhile, in the Arts District, construction continues on the 100,000 SF mega-gallery from Hauser, Wirth & Schimmel, with a 2016 expected completion date. 4
6.2%
$3.23
Retail Vacancy Rate
Average Price of Class A Office Per Square Foot $2,475 Apartment Average Rent
$193.33 Hotel Average Daily Rate Year to Date
Residential
Cultural
Q2 KEY STATS
2,001 Condo Units Under Construction
Q2 KEY HIGHLIGHTS
648
3.5%
point drop in office vacancy since last year
Residential units broke ground at Circa
The Ace Hotel sold for $103m to Chesapeake Lodging Trust Sydell Group completed their purchase of Giannini Place 112,525 square feet leased by AECOM at One Cal Plaza
INVESTMENT IN DOWNTOWN LA Between 1999-2014
$1.2b
Arts & Entertainment
$2.6b
Civic & Institutional
$9b
Commercial
$5.7b
Mixed-Use
$7.3b
Residential Figueroa Corridor/Expo Park TOTAL: $19.2
Downtown Center Business Improvement District
billion
$1.5b
Q2 2015 MARKET REPORT
The BLOC
Wilshire Grand Center
Federal Courthouse
The Broad
Downtown Center Business Improvement District
5
Q2 2015 MARKET REPORT
Market Overview: Residential & Office RESIDENTIAL • With the groundbreaking at Circa at 1200 S. Figueroa, there are now over 10,000 residential units under construction. • Highlighting the impact of cross-sectoral synergies, with the opening of Onni Group’s Level DTLA, Downtown has its first high-end extended stay executive lodging. • Despite significant new apartment inventory, mature properties maintain an occupancy rate of over 95% while rents continue to rise.
2,001
CONDO UNITS UNDER CONSTRUCTION
Apartment Occupancy Rate Apartment Asking Rent Per Square Foot Average Rent Per Unit Condo Sales Condo Price Per Square Foot
Q2 2015
Q2 2014
97%
98%
$2.70
$2.48
$2,475
$2,332
88
86
$647
$583
Source: CoStar, The Agency
OFFICE
Q2 2015
• A fourth straight quarter of positive net absorption Vacancy Rate
Q2 2014
18.2%
21.7%
Class A Rent Per Square Foot
$3.23
$3.04
Overall Rent Per Square Foot
$3.10
$2.90
YTD Net Absorption
267,815
-214,531
rise property owner, launched DesignHive, a series
YTD Leasing Activity
1,324,336
753,741
of spec creative office suites designed by six of LA’s
Source: Cushman & Wakefield
has lowered vacancy rates to 18.2%, a drop of 3.5 percentage points since last year. • AECOM and Lewis Brisbois signed leases for almost 350,000 combined square feet. • Brookfield Properties, Downtown’s largest high-
top design firms. 6
Downtown Center Business Improvement District
Q2 2015 MARKET REPORT
Market Overview: Hotel & Retail RETAIL • Over 1.8 million square feet of retail space is under construction in Downtown, setting the stage for a shopping and dining boom. • The roof has officially come off at The Ratkovich Company’s transformation at The BLOC with opening anticipated in late 2015. • The impact of the future renewal of Pershing Square has contributed to the openings of Pitchoun Bakery & Café and Please Do Not Enter on Olive Street in the PacMutual Building.
Q2 2015
Q2 2014
Vacancy Rate
6.2%
6.7%
Average Rent Per Square Foot
$2.60
$2.13
86,194
19,600
Net Absorption
1.6m
SQUARE FEET OF OFFICE SPACE UNDER CONSTRUCTION
Source: CoStar
HOTEL • The historic Forman & Clark Building, previously slated for a residential conversion, will now move forward as a hotel project. • Kor Group announced an operator and brand for their Case Hotel project, which will now be known as The Los Angeles Proper. • The Ace Hotel was sold for $103 million to Chesapeake Housing Trust who intends to continue with the same brand and operator.
Q2 2015 YTD Occupancy Rate
Q2 2014
72.9%
75.3%
YTD Average Daily Rate
$193.33
$178.53
YTD RevPAR
$140.89
$134.34
Source: CoStar, The Agency
Downtown Center Business Improvement District
7
Q2 2015 MARKET REPORT
Sales & Development Overview Midway through 2015, development continues at an unprecedented level across all sectors. The growing interest in Downtown is also evident in real estate sales activity. Particularly noteworthy was the sale of The Ace Hotel to Chesapeake Lodging Trust for $103 million. Greenfield Partners, who renovated and opened The Ace, paid $11 million for the building in 2011. Also trading hands was 4th & Traction, which Hudson Pacific Properties purchased for $49 million, more than double what Atlas Capital Group paid for the site just one year earlier.
RESIDENTIAL UNITS Market Rate Rental
Since 1999
Current Inventory
2,426
14,189
16,898
8,299
24,549
8,868
829
4,807
5,636
2,001
8,285
2,918
8,371
3,707
12,078
69
12,147
253
11,626
22,703
34,612
10,369
44,981
12,039
59,187
17,731
76,918
Before 1999
Condos Affordable Total Estimated Population
Under Construction
Total When Complete
Proposed
Estimated Population = #of units x 1.8 residents per unit x 95% occupancy rate
Current Inventory
COMMERCIAL Hotel Rooms
Under Construction
Total When Complete
Proposed
7,961
2,717
10,678
2,339
Square Feet of Office
34,639,358
1,662,000
36,001,358
528,000
Square Feet of Retail
22,194,437
1,843,400
24,348,837
972,100
SIGNIFICANT REAL ESTATE SALES Property Name/Address
Description
Buyer
Seller
Price
ACE Hotel 927-933 S Broadway
Recently completed hotel
Chesapeake Lodging Trust
Greenfield Partners
$103 million
Avant South Park 1360 S Figueroa St
Recently completed residential project
Essex Property Trust, Inc.
Cypress Equity
$96.7 million
4th & Traction 963 E 4th St
Proposed conversion to creative office
Hudson Pacific Properties, Inc.
Atlas Capital Group
$49.2 million
Giannini Place 649 S Olive St
Historic building to become hotel
The Sydell Group
Chetrit Organization
$39.3 million
1100 E 5th St
Arts District warehouse building
Boulevard Hospitality LLC
John Rusconi
$15 million
8
Downtown Center Business Improvement District
Commercial Development n Existing n Under Construction/Renovation n Proposed Opened or began construction in Q2 As of 06/30/15
Downtown Center Business Improvement District
9
Residential Development n Existing n Under Construction/Renovation n Proposed Opened or began construction in Q2 As of 06/30/15
10
Downtown Center Business Improvement District
Downtown Center Business Improvement District
11
Q2 2015 MARKET REPORT
Development: Under Construction Project Name
Address
Residential Units
Hotel Rooms
Office Sq. Ft.
Retail Sq. Ft.
Estimated Completion
Developer
MAJOR MIXED USE SOUTH PARK Metropolis
Francisco b/w 8th & 9th
Oceanwide Plaza
11th & Figueroa
1,310 C
350
=
65,000
2018
Greenland
540 C
183
=
180,000
2018
Oceanwide
FINANCIAL DISTRICT Wilshire Grand
900 Wilshire Blvd.
=
900
350,000
15,000
2017
AC Martin
The BLOC
7th & Flower/Hope
=
202
200,000
450,000
2015
The Ratkovich Company
8th & Broadway
=
200
500,000
200,000
2017
Waterbridge
HISTORIC CORE Broadway Trade Center RESIDENTIAL ARTS DISTRICT Garey Building
905 E. 2nd St.
320
=
=
15,000
2015
Megatoys & Lowe Enterprises
950 E. Third
950 E. 3rd St.
472
=
=
26,000
2017
Legendary Development
Da Vinci
909 W. Temple St.
230
=
=
8,200
2016
GH Palmer Associates
Blossom Plaza
900 N. Broadway
240
=
=
20,000
2015
Forest City Residential West
Valencia
1501 Wilshire Blvd.
218
=
=
4,500
2016
Astani Enterprises
6th & Bixel
611 S. Bixel St.
640
=
=
25,000
2016
Holland Partners
1416 W. 7th
1419 W. 7th St.
87
=
=
1,000
2016
Canfield Development
Grether & Grether
730 S. Los Angeles St.
72
=
=
11,000
2016
South Park Group
The Garment Lofts
217 E. 8th St.
77
=
=
8,000
2015
Capital Foresight
The Maxfield Building
819 Santee St.
96
=
=
6,000
2015
Capital Foresight
888 Hope
888 S. Hope St.
526
=
=
TBD
2016
CIM
eighth & grand
770 S. Grand Ave.
700
=
=
42,000
2015
Carmel Partners
801 S. Olive
801 S. Olive St.
363
=
=
10,000
2017
Carmel Partners
7
=
=
TBD
2016
Anjac Fashion
=
CHINATOWN
CITY WEST
FASHION DISTRICT
FINANCIAL DISTRICT
HISTORIC CORE Singer Sewing Building
806 S. Broadway
Pershing Apartments
502 S. Main St.
69
=
TBD
2015
Skid Row Housing Trust
Topaz
550 S. Main St.
159
=
=
23,000
2017
Jade Enterprises
Broadway Palace
Olympic & Broadway
686
=
=
35,000
2016
GH Palmer Associates
932 S. Hill St.
932 S. Hill St.
18
=
=
5,000
2015
Urban Investment Group
LITTLE TOKYO Block 8-D
2nd & San Pedro
240
=
=
16,000
2016
Sares-Regis Group
Vibiana Lofts
114 E. 2nd St.
238
=
=
4,000
2017
Weintraub Real Estate Group
12
Downtown Center Business Improvement District
Q2 2015 MARKET REPORT
Development: Under Construction Project Name
Address
Residential Units
Hotel Rooms
Office Sq. Ft.
Retail Sq. Ft.
Estimated Completion
Developer
SOUTH PARK Circa
1200 S. Figueroa St.
648
=
=
40,000
2018
David Y. Lee
TEN50
11th & Grand
151 C
=
=
5,700
2016
Trumark Urban
1000 Grand
1000 S. Grand Ave.
274
=
=
12,000
2016
Hanover
Olympic & Olive
924 S. Olive St.
263
=
=
14,000
2016
Hanover
=
1001 Olive
1001 S. Olive St.
201
=
4,000
2016
Lennar
Olive and Pico
1200 S. Grand Ave.
640
=
=
42,000
2016
Wolf Partners
Mack Urban Phase 1
11th, Grand, Pico, Hill
362
=
=
6,000
2017
Mack Urban
E on Grand
1249 S. Grand Ave.
112
=
=
5,000
2017
4D Development
Onyx
500 W. Pico Blvd.
410
=
=
42,000
2017
Jade Enterprises
HOTEL FINANCIAL DISTRICT Freehand Hostel
416 W. 8th St.
=
200
=
=
2016
Sydell Group
Hotel Clark
426 S. Hill St.
=
348
=
=
2015
Chetrit Group
The Proper (Case Hotel)
11th & Broadway
=
151
=
=
2017
The Kor Group
851 S. Grand Ave.
=
183
=
=
2015
Chetrit Group
AT MATEO
Mateo & Palmetto
=
=
=
200,000
2016
Blatteis & Schnur
Alameda Square
7th & Alameda
=
=
250,000
=
2016
Atlas Property
LA Cleantech Incubator
Hewitt & Palmetto
=
=
70,000
=
2015
LACI
2045 Violet
2045 Violet St.
=
=
20,000
10,000
2015
DCM
SOUTH PARK Embassy Hotel OFFICE/RETAIL ARTS DISTRICT
FASHION DISTRICT Stanford Plaza
895 E. 14th St.
=
=
=
150,000
2015
Joia Trading
City Market South
11th & San Julian
=
=
30,000
100,000
2016
Peter Fleming
353 S. Broadway
353 S. Broadway
=
=
50,000
10,000
2015
Flatiron Development
527 S. Broadway
527 S. Broadway
=
=
70,000
8,000
2015
King's Arch
Clifton’s Cafeteria
7th & Broadway
=
=
=
15,000
2015
Andrew Meieran
The Vail
735 S. Broadway
=
=
40,000
10,000
2016
George Peykar
425 W. 11th St.
=
=
82,000
=
2015
Lincoln Property Co.
Federal Courthouse
2nd & Broadway
=
=
=
=
2016
GSA
The Broad
2nd & Grand
=
=
=
=
2015
The Broad Foundation
901 E. 3rd St.
=
=
=
=
2016
Hauser & Wirth
HISTORIC CORE
SOUTH PARK The Desmond CIVIC & CULTURAL BUNKER HILL/CIVIC CENTER
ARTS DISTRICT Hauser Wirth & Schimmel
TOTAL UNDER CONSTRUCTION
10,369 Residential Units
2,717 Hotel Rooms
1,662,000 Office Sq. Ft.
1,843,400 Retail Sq. Ft.
TOTAL # OF PROJECTS = 52
Condo = C
Downtown Center Business Improvement District
13
Q2 2015 MARKET REPORT
Development: Proposed Project Name
Address
Residential Units
Hotel Rooms
Office Sq. Ft.
Retail Sq. Ft.
Developer
MAJOR MIXED USE FASHION DISTRICT 9th & San Pedro
945 C
210
TBD
225,000
Peter Fleming
2nd & Grand
450
300
47,000
209,000
Related California
Mack Urban Phase 2
1120 S. Grand/1155 S. Olive
666
300
=
21,000
Mack Urban
1020 S. Figueroa
1020 S. Figueroa St.
650 C
250
=
80,000
Hazens
AMP Lofts
695 S. Santa Fe Ave.
320
=
=
20,000
Bolour Associates
Arthouse
1200 S. Santa Fe Ave.
53
=
=
13,000
Core Development Group
Industrial Street Lofts
1525 Industrial St.
360
=
=
12,000
Camden
Alameda & 4th Lofts
360 S. Alameda St.
63
=
=
TBD
1800 E. 7th St.
1800 E. 7th St.
125
=
=
8,000
527 S. Colyton St.
527 S. Colyton St.
234
=
=
13,400
Bolour Assoc
LA Plaza Cultura Village
400 W. Cesar E Chavez Ave.
345
=
=
50,000
LA Plaza de Cultura y Artes
College Station
924 N. Spring St.
685
=
=
40,000
Evoq
1027 Wilshire Blvd.
376
=
=
6,500
Central City Development
Onni Tower
820 S. Olive St.
589
=
=
4,500
Onni Group
5-OH
5th & Olive
312
=
=
17,000
939 S. Broadway
939 S. Broadway
163
=
=
TBD
Barry Shy
920 S. Hill
920 S. Hill St.
239 C
=
=
TBD
Barry Shy
4th and Broadway
4th & Broadway
400
=
=
7,000
Medallion 2.0
4th & Main
500
=
=
38,000
Saeed Farkhondehpour
SB Omega
601 S. Main St.
500 C
=
=
25,000
Barry Shy
Title Insurance Building
433 S. Spring St.
250
=
=
40,000
Capital Foresight
The Chelsea
216 W. Fifth St.
28
=
=
TBD
Nick Hadim
955 S. Broadway
955 S. Broadway
250 C
=
=
TBD
Barry Shy
Banco Popular
354 S. Spring St.
212
=
=
TBD
Allen Gross
Beacon on Hill
4th & Hill
428
=
=
2,900
525 Spring
525 S. Spring St.
360
=
=
TBD
Downtown Management
737 S. Spring
737 S. Spring St.
320
=
=
TBD
Holland Partners
950 S. Broadway
950 S. Broadway
30
=
=
7,500
City Market BUNKER HILL Grand Avenue Project SOUTH PARK
RESIDENTIAL ARTS DISTRICT
South Alameda Development Elm Tree Investment
CHINATOWN
CITY WEST 1027 Wilshire FINANCIAL DISTRICT
Macfarlane Partners
HISTORIC CORE
14
Downtown Center Business Improvement District
Izek Shomof
Equity Residential
GH Palmer
Q2 2015 MARKET REPORT
Development: Proposed Project Name
Address
Residential Units
Hotel Rooms
Office Sq. Ft.
Retail Sq. Ft.
66
=
=
TBD
Etco Homes
Developer
LITTLE TOKYO 118 Astronaut Ellison S. Onizuka St.
Etco Homes SOUTH PARK Onni Towers
1212 S. Flower St.
730
=
=
8,000
Onni Group
1133 Hope Tower
1133 S. Hope St.
208 C
=
=
5,000
Amacon
12th and Grand
1201 S. Grand Ave.
126 C
=
=
TBD
City Century
916 Georgia St
916 Georgia St.
29
=
=
TBD
TRG
1400 S. Figueroa
1400 S. Figueroa St.
106
=
=
4,750
DHG Family Trust
Forest City South Park
156 W. 11th St.
450
=
=
9,000
Forest City
Apex Phase II
900 S. Figueroa St.
341
=
=
15,000
Six Four Nine Lofts
Wall & 7th
55
=
=
TBD
Skid Row Housing Trust
FLOR 401
Wall & 7th
100
=
=
TBD
Skid Row Housing Trust
820 S. Spring St.
=
14
=
=
Juan Pablo Torre
JW Marriott Expansion
Olympic & Georgia
=
755
=
=
AEG
1130 S. Hope
1130 S. Hope St.
=
44
=
=
Kevin Burke
419 S. Spring
419 S. Spring St.
=
TBD
=
=
PNK Group
Lizard in Los Angeles
631-633 S. Spring St.
=
150
=
=
Lizard Capital
701 S. Hill St.
=
165
=
=
Young Ju Kwon
The Ford Building
2060 E. 7th St.
=
=
271,000
=
Shorenstein
4th & Traction
963 E. 4th St.
=
=
100,000
30,000
Hudson Pacific Properties
500 S. Santa Fe
500 S. Santa Fe Ave.
=
=
65,000
12,000
Chalmers
SoHo House
1000 S. Santa Fe Ave.
=
=
TBD
TBD
718 S. Hill St.
=
=
45,000
7,000
Holland Partners
HOTEL FASHION DISTRICT Dart Hotel SOUTH PARK
HISTORIC CORE
JEWELRY DISTRICT Foreman & Clark OFFICE/RETAIL ARTS DISTRICT
SoHo House
JEWELRY DISTRICT 718 S. Hill
TOTAL PROPOSED
12,039 Residential Units
2,339 Hotel Rooms
528,000 Office Sq. Ft.
972,100 Retail Sq. Ft.
Urban Blox TOTAL # OF PROJECTS = 49
Condo = C
Downtown Center Business Improvement District
15
Q2 2015 MARKET REPORT
Featured Projects: Major Mixed Use
PROPOSED
UNDER CONSTRUCTION
1020 S. FIGUEROA
WILSHIRE GRAND CENTER
At a cost of $700 million, Downtown’s latest mega-project in South Park will have 650 condos, 250 hotel rooms, and 80,000 square feet of retail.
At 73 stories, this $1 billion undertaking in the Financial District will be the tallest building west of the Mississippi and the first new office tower in Downtown in over 30 years when it opens in 2017.
UNDER CONSTRUCTION
UNDER CONSTRUCTION
Developer: Oceanwide
Developer: Greenland
Across from Staples Center and L.A. LIVE in South Park, this $1 billion project will include 540 condos, 183 hotel rooms, and almost 200,000 square feet of retail.
This $1 billion project in South Park will include 1,310 condos, a 350 room Hotel Indigo, and over 60,000 square feet of retail to be completed 2016-2018.
Developer: Hazens
OCEANWIDE PLAZA
16
Downtown Center Business Improvement District
Developer: AC Martin
METROPOLIS
Q2 2015 MARKET REPORT
Featured Projects: Residential UNDER CONSTRUCTION
801 S. OLIVE
Developer: Carmel Partners Across the road from their soon-to-open Eighth and Grand project, Carmel Partners has begun construction on this 33 story tower in the Financial District with 363 apartments and 10,000 square feet of retail.
UNDER CONSTRUCTION
BROADWAY PALACE Developer: GH Palmer
As seen in new renderings, this project, which is on both sides of Olympic Blvd. at Broadway, will integrate the existing Historic Core architecture into its design and will feature extensive street-level retail.
UNDER CONSTRUCTION
OLYMPIC AND OLIVE Developer: Hanover
This is one of three projects from Hanover within one block on Olympic Blvd. The three will bring over 700 residential units and 40,000 square feet of retail to South Park.
NEW DEVELOPMENT WATCHLIST Name
Address
Neighborhood
Description
SoHo House
1000 S. Santa Fe
Arts District
Private members club with 14 locations around the world
12th and Grand
1201 S. Grand Ave
South Park
$100 million, 37 story luxury high-rise project
950 S. Broadway
950 S. Broadway
Historic Core
Adaptive re-use to be incorporated into Broadway Palace
Downtown Center Business Improvement District
17
Q2 2015 MARKET REPORT
Featured Projects: Office
UNDER CONSTRUCTION
UNDER CONSTRUCTION
Developer: Waterbridge Capital
Developer: Lincoln Property Co.
With over 1 million square feet of space that has been vacant for years, this project will transform almost a full city block at Broadway and 8th in the Historic Core.
This historic department store building in South Park, two blocks from L.A. LIVE and Staples Center, will be the new AEG Live headquarters.
BROADWAY TRADE CENTER
THE DESMOND
PROPOSED
FORD FACTORY
Developer: Shorenstein Scheduled to open in 2017, the former Ford Factory in the Arts District is being revitalized into a state-of-theart 250,000 square foot office destination for creative and knowledge-sharing companies.
Q2 SELECT LEASES Tenant
Building
Address
Lewis Brisbois
US Bank Tower
633 W. 5th St.
215,230
AECOM
One California Plaza
300 S. Grand Ave.
112,525
Soylent
Broadway Media Center
207 S Broadway
16,400
Karl Strauss Brewing Company
600 Wilshire
600 Wilshire Blvd.
13,491
ECMC
Citigroup Center
444 Flower St.
10,183
Humanscale
The Wedbush Center
1000 Wilshire Blvd.
5,692
Flexogenix
Packard Lofts
1000 S. Hope St.
5,322
18
Downtown Center Business Improvement District
Sq. Ft.
Q2 2015 MARKET REPORT
Featured Projects: Retail UNDER CONSTRUCTION
WHOLE FOODS
Developer: Carmel Partners Scheduled to open in November 2015, it will occupy the ground floor of the eighth & grand residential project in the Financial District.
UNDER CONSTRUCTION
THE BLOC
Developer: The Ratkovich Company This summer, the roof came off the former Macy’s Plaza, which will re-open in late 2015 as an open-air, pedestrian-friendly retail center anchored by a completely renovated Macy’s flagship store in the Financial District.
UNDER CONSTRUCTION
AT MATEO
Developer: Blatteis & Schnur The largest retail project in the Arts District will feature open-air pedestrian walkways and architecture that reflects the industrial surroundings.
Q2 SELECT RETAIL OPENINGS Auntie Em’s Kitchenette
Triple 8 China Bar & Grill
Two Guns Espresso
Pitchoun Bakery & Café
Wittmore
Orleans & York Deli
Madcapra at Grand Central Market
CoCo Fresh Tea & Juice
Osso DTLA
Floyd’s Barber Shop
BS Taqueria
La Tostaderia
A.P.C
Barista Society – Union Station
Mabel’s Chicken and Waffles
Downtown Center Business Improvement District
19
Q2 2015 MARKET REPORT
Featured Projects: Hotel PROPOSED
JW MARRIOTT EXPANSION Developer: AEG
Formerly proposed as a Renaissance Hotel, AEG has chosen to move forward with an expansion that will bring over 700 rooms and a pedestrian bridge for better access to the Convention Center.
UNDER CONSTRUCTION
FREEHAND HOSTEL
Developer: Sydell Group This hip new lodging concept that debuted in Miami will open in South Park and will include both lobby and rooftop lounges.
UNDER CONSTRUCTION
THE LA PROPER
Developer: KOR Group Situated south of the Ace Hotel, this historic conversion in the Fashion District promises to expand the boundaries of Broadway’s revival.
LOS ANGELES TOURISM RECORDS SET IN 2014
44m+ 20
visitors, up 4.8% from 2013
6.5m
foreign visitors, up 5.6% from 2013
Downtown Center Business Improvement District
$19.6b
in direct visitor spending, up 6.8% from 2013
Q2 2015 MARKET REPORT
Featured Projects: Civic & Cultural UNDER CONSTRUCTION
EXPO LINE EXTENSION Developer: Metro
This light rail line is already a massive success from 7th/Metro Center to Culver City. The extension to Santa Monica, opening early 2016, promises to reshape how people think about transit and create new opportunities for both the Westside and Downtown.
UNDER CONSTRUCTION
REGIONAL CONNECTOR Developer: Metro
This 1.9-mile underground light rail extension set to open in 2020 will provide a one-seat ride for north/south and east/west travel across Los Angeles County through the heart of Downtown.
UNDER CONSTRUCTION
THE BROAD
Developer: The Broad Foundation Opening September 20, 2015, this Bunker Hill project has already helped establish DTLA as the art capital of the West Coast. A recently completed crosswalk connects The Broad to MOCA and enhances pedestrian access on Bunker Hill.
PROPOSED
LA CONVENTION CENTER RENOVATION
Developer: City of Los Angeles Moving forward without a football stadium, the LA Convention Center has chosen a design by HMC Architects and Populous that will expand and modernize the facility to help attract top-tier events to Downtown LA.
Downtown Center Business Improvement District
21
Q2 2015 MARKET REPORT
Spotlight on DTLA: Local Media 06/26/15
METRO PICKS BIKE SHARE VENDOR
The selection of Bicycle Transit Systems was approved by the Metro Board of Directors on Thursday, June 25. The two-year contract is worth $11 million. The young company most recently rolled out Philadelphia’s bike share system of about 60 stations and 600 bikes. It is now tasked with installing 65 stations with almost 1,100 bikes in
Downtown Los Angeles. The system is slated to debut next spring. — Downtown News
06/25/15
FINALLY! STUNNING GARFIELD BUILDING UP FOR SALE IN DOWNTOWN LA
The beautiful Garfield Building at 8th and Hill, one of the last truly stunning pieces of magnificent architecture in Downtown LA that’s still sitting sadly vacant, has been formally put up for sale this past week listed by brokers
Gibran Begum of NGKF and Mike Smith and Jim Halferty of Lee & Associates. — DTLA Rising
06/15/15
LA STREETCAR PROJECT MOVES TO NEXT PHASE
The proposed 3.8-mile route would run in mixed traffic between the Civic Center and South Park neighborhoods along Broadway, 1st, 11th, 7th, Figueroa and Hills Streets. Unlike the Metro Rail system, which connects Downtown Los Angeles with adjacent neighborhoods and cities, the streetcar would provide function as a local circulator for residents and visitors. The design phase for the project is expected to begin next year. Operations are expected to
commence by 2020. — Urbanize.la
04/30/15
APPROVED: NEW METRO PEDESTRIAN TUNNEL LINKING THE BLOC IN DOWNTOWN LA
An exciting new pedestrian tunnel linking LA’s busiest subway station 7th Street/Metro Center with The Bloc in Downtown LA was approved today by Metro’s Board of Directors. The project entails a new 12-foot tunnel underneath 7th Street that will allow transit riders to directly access The Bloc without having to come up to the street level and vice versa. — DTLA Rising
04/23/15
DOWNTOWN L.A.’S QUIRKY HOTEL FIGUEROA TO GET MEDITERRANEAN MAKEOVER
With demand for rooms growing in downtown Los Angeles, one of the city’s oldest and boldest hotels is about to get a major makeover. The new owners of Hotel Figueroa, a quirky boutique inn dating to the 1920s, are planning a $30-million renovation to bring back its original Spanish Mediterranean decor. The interior is now a fading but
flamboyant interpretation of Moroccan style, replete with authentic but uncomfortable furniture. — Los Angeles Times 22
Downtown Center Business Improvement District
Q2 Q2 2015 2015 MARKET MARKET REPORT REPORT
Spotlight on DTLA: US & Global Media MAY 2015
LOS ANGELES AND ITS BOOMING CREATIVE CLASS LURES NEW YORKERS
Long a gritty urban backwater, Downtown has become a trend factory, brimming with Beaux-Arts loft condos, galleries, groundbreaking restaurants like Baco Mercat and, inevitably, a new Ace Hotel to serve as “Portlandia” south
DEC. 2014
10 TOP DESTINATIONS TO VISIT IN 2015
“Exciting new hotels like the Ace, stores like Acne Studios and food venues like the revamped Grand Central Market – in addition to the recently completed $3 billion sports and entertainment complex known as LA Live – have injected downtown with a jolt of energy that’s helped lure visitors and residents away from LA’s sunny perimeter and into its urban core.”
AUG. 2014
THE BEST NEW RESTAURANTS IN AMERICA 2014
“Over the past year, Grand Central Market, much like the rest of Downtown L.A., has seen a remarkable renaissance. When I first started going to GCM a decade ago, it was for tacos and a glimpse into a world much different than what you’d find in, say, Malibu. It was authentic, if a bit gritty. Some of the food was good; much of it wasn’t. But now, with new stands joining the fray, it’s great... it’s that rich and varied diversity that makes the market—and Los Angeles as a whole—unique.”
APR. 2014
LA’S DOWNTOWN MAKEOVER
“While Los Angeles can often appear like a ghost town to those accustomed to dense metropolises such as Singapore, downtown is one of the few places that actually bustles, with many coming for the food and staying for the nightlife.”
JAN.2014
AMERICA’S NEXT GREAT CITY IS INSIDE LA “The new capital of cool in the US…America’s new great city.”
Downtown Center Business Improvement District
23
PLEASE CONTACT THE DCBID WITH ANY QUESTIONS YOU MAY HAVE. NICK GRIFFIN Director of Economic Development (213) 416-7522 ngriffin@downtownla.com ELAN SHORE Economic Development Associate Research and Special Projects (213) 416 -7518 eshore@downtownla.com JULIA MARINO Economic Development Associate (213) 416 -7529 jmarino@downtownla.com