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Downtown LA Market Report
Q3 2015
Downtown Center Business Improvement District
Metropolis
Clifton’s Cafeteria
The Broad
2 Downtown Center Business Improvement District
Q3 2015 MARKET REPORT
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.
DEFINITION OF DOWNTOWN LAThe 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.
About the DCBID
To learn more about Downtown’s Renaissance and how to join us, visit www.downtownla.com.
3Downtown Center Business Improvement District
Q3 2015 MARKET REPORT
EXECUTIVE SUMMARY .............................. 4
MARKET OVERVIEWResidential .................................................. 6
Office .......................................................... 6
Hotel ........................................................... 7
Retail ........................................................... 7
DEVELOPMENT UPDATE
Overview ..................................................... 8
Significant Real Estate Sales ..................... 8
Commercial Development Map ............... 9
Residential Development Map ............... 10
Under Construction ................................. 12
Proposed .................................................. 14
FEATURED PROJECTS
Major Mixed-Use ..................................... 16
Residential ................................................ 17
Office ........................................................ 18
Hotel ......................................................... 19
Retail ......................................................... 20
Civic & Cultural ........................................ 21
SPOTLIGHT ON DTLA
Local Media .............................................. 23
US and Global Media .............................. 24
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Table of Contents
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17
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4 Downtown Center Business Improvement District
Q3 2015 MARKET REPORT
The revitalization of Downtown LA continues to reach new heights. Perhaps nothing demonstrates the rise of DTLA more than the PacMutual Building. Mostly neglected for over 40 years, it was bought by Rising Realty in 2012 for $60 million. With some strategic improvements, they repositioned the property as a creative campus and were able to attract the highest office rents in Downtown before selling the property to Ivanhoe Cambridge for $200 million in Q3.
ResidentialEven with over 10,000 new residential units under construction, several new projects were added to the pipeline in Q3, highlighted by SoLA Village, a massive development south of the 10 freeway along Washington Boulevard.
OfficeThis quarter’s expected downsizing of AT&T in South Park was offset by the arrival of several new tenants including WeWork, Cross Campus, DLR Group, and Fragomen Del Rey, relocating to Downtown after 35 years on the Westside.
Retail The retail market in DTLA is poised for lift-off. Construction on The BLOC will wrap up shortly and Whole Foods Market opened for business on November 4th. Meanwhile, Clifton’s Cafeteria re-opened on Broadway with a vibe that is both historic and modern.
Cultural The eyes of the art world were on DTLA on September 20th as The Broad lifted its veil and began welcoming visitors (free of charge) to view the personal art collection of Eli and Edythe Broad. The momentum will continue in 2016 with the opening of the 100,000 square foot Hauser, Wirth & Schimmel gallery in the Arts District.
Q3 KEY STATS
$3.24 Average Class A Rent
Per Square Foot
96.8%Apartment
Occupancy Rate
$2.64 Average Retail Rent Per Square Foot
211,195 SF YTD Net Retail Absorption
$195.76 Hotel Average Daily Rate
385 Residential units broke ground
from Forest City
2,871 New proposed residential units
WeWork opened their first location in DTLA
DLR Group consolidated offices at The BLOC
PacMutual was sold for $200 million to Ivanhoe Cambridge
Q3 KEY HIGHLIGHTS
Executive Summary
Commercial
Arts & Entertainment
Civic & Institutional
Mixed-Use
Residential
Figueroa Corridor/Expo Park
TOTAL: $19.3 billion
$1.2b
$2.6b
INVESTMENT IN DOWNTOWN LA Between 1999-2014
$1b
$5.7b
$7.3b
$1.5b
5Downtown Center Business Improvement District
Q3 2015 MARKET REPORT
9th & Broadway
FIGat7th
Grand Central Market
6 Downtown Center Business Improvement District
Q3 2015 MARKET REPORT
RESIDENTIAL• More than 2,800 residential units were proposed during
the quarter bringing the total residential pipeline to over
25,000 units.
• The opening of The Garment Lofts, an adaptive re-use
project, added 77 apartments to the Fashion District.
• Despite significant new apartment inventory, mature
properties maintained an occupancy rate of over 96%
while rents continued to rise.
2,001 CONDO UNITS UNDER
CONSTRUCTION
Market Overview
Q3 2015 Q3 2014
Apartment Occupancy Rate 96.8% 95.2%
Apartment Asking Rent Per Square Foot $2.74 $2.55
Average Effective Rent Per Unit $2,491 $2,337
Condo Sales 67 75
Condo Price Per Square Foot $642 $572
Source: CoStar, The Agency
Metropolis
RESIDENTIAL UNITS Before 1999 Since 1999Current
InventoryUnder
ConstructionTotal WhenComplete Proposed
Market Rate Rental 2,426 14,266 16,692 8,607 25,299 11,289
Condos 829 4,807 5,636 2,001 7,637 2,918
Affordable 8,371 3,776 12,147 0 12,147 253
Total 11,626 22,849 34,475 10,608 45,083 14,460
Estimated Population 58,592 18,140 77,092Estimated Population = #of units x 1.8 residents per unit x 95% occupancy rate
RESIDENTIAL INVENTORY
7Downtown Center Business Improvement District
Q3 2015 MARKET REPORT
SIGNIFICANT REAL ESTATE SALES
Market OverviewOFFICE• DLR Group, Studio One Eleven, and Newmark
Grubb Knight Frank signed leases for almost
53,000 combined square feet at The Bloc.
• Immigration law firm Fragomen, Del Rey, Bernsen & Loewy relocated to Citigroup Center from West
LA, where they had been located for 35 years.
• Co-working facility operator WeWork opened its
first downtown LA location – a 44,500 square foot
space in the historic Fine Arts Building.
Q3 2015 Q3 2014
Vacancy Rate 18.4% 20.4%
Class A Rent Per Square Foot $3.24 $3.11
Overall Rent Per Square Foot $3.10 $2.95
YTD Net Absorption 107,101 -73,643
YTD Leasing Activity 2,017,480 1,310,806
Source: Cushman & Wakefield
Property Name Address Buyer Seller Price
PacMutual 523 W 6th St Ivanhoe Cambridge Rising Realty Partners $200 million
LA Fashion Mart 1219 Stanford Ave Young S Cho JADE Enterprises $137.9 million
Brunswig Square 360-374 E 2nd St Jamestown Arenda Capital Management $49.2 million
405 Mateo 405 Mateo St Hudson Pacific Zimmerman Development $40 million
1116-1120 S. Main 1116-1120 S Main St. JADE Enterprises Real Estate Group $24 million
1.8m SQUARE FEET OF OFFICE SPACE
UNDER CONSTRUCTION
257,000 PROPOSED
8 Downtown Center Business Improvement District
Q3 2015 MARKET REPORT
HOTEL• The Sydell Group announced plans to open
a NoMad Hotel at the recently purchased
Giannini Place at 7th and Olive.
• The $1-billion overhaul of The Reef and
development of SoLa Village will include a
20-story hotel tower featuring 208 guest rooms.
• While work continues on the exterior, along with
the rest of The BLOC, the interior renovation of
The Sheraton at 7th and Hope was completed.
RETAIL• Whole Foods began finalizing their construction
in preparation for a November 4 opening.
• The iconic Clifton’s Cafeteria reopened
on Broadway after a four-year, $10 million
renovation by Developer Andrew Meieran.
• Over 1.8 million square feet of retail space is
under construction in Downtown, setting the
stage for a shopping and dining boom.
1.8mSQUARE FEET OF RETAIL SPACE
UNDER CONSTRUCTION
1.1m PROPOSED
Q3 2015 Q3 2014
Vacancy Rate 6.0% 6.8%
Average Rent Per Square Foot $2.64 $2.18
YTD Net Absorption 211,195 55,640
Source: CoStar
Q3 2015 Q3 2014
YTD Occupancy Rate 77.2% 77.5%
YTD Average Daily Rate $195.76 $182.28
YTD RevPAR $151.17 $141.23
Source: CoStar, The Agency
The BLOC
Market Overview
8,163HOTEL ROOMS
2,515 UNDER CONSTRUCTION
2,360 PROPOSED
9Downtown Center Business Improvement District
Commercial Developmentn Existingn Under Construction/Renovationn Proposed As of 11/15/15
Opened or began construction in Q3
10 Downtown Center Business Improvement District
Residential Developmentn Existingn Under Construction/Renovationn Proposed As of 11/15/15
Opened or began construction in Q3
12 Downtown Center Business Improvement District
Q3 2015 MARKET REPORT
Project Name Address ResidentialUnits
Hotel Rooms
Office Sq. Ft.
Retail Sq. Ft.
Estimated Completion Developer
MAJOR MIXED USE
FINANCIAL DISTRICT
Wilshire Grand 900 Wilshire Blvd. = 900 350,000 15,000 2017 AC Martin
The BLOC 7th & Flower/Hope = = = 450,000 2015 The Ratkovich Company
Metropolis Francisco b/w 8th & 9th 1,310 C 350 = 65,000 2018 Greenland
HISTORIC CORE
Broadway Trade Center 8th & Broadway = 200 500,000 200,000 2017 Waterbridge
SOUTH PARK
Oceanwide Plaza 11th & Figueroa 540 C 183 = 180,000 2018 Oceanwide
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
CHINATOWN
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
CITY WEST
Valencia 1501 Wilshire Blvd. 218 = = 4,500 2016 Astani Enterprises
6th & Bixel 611 S. Bixel St. 640 = = 25,000 2016 Holland Partners
1419 W. 7th 1419 W. 7th St. 87 = = 1,000 2016 Canfield Development
FASHION DISTRICT
Grether & Grether 730 S. Los Angeles St. 72 = = 11,000 2016 South Park Group
The Maxfield Building 819 Santee St. 96 = = 6,000 2015 Capital Foresight
FINANCIAL DISTRICT
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
HISTORIC CORE
Singer Sewing Building 806 S. Broadway 7 = = TBD 2016 Anjac Fashion
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
SOUTH PARK
Circa 1200 S. Figueroa St. 648 = = 40,000 2018 David Y. Lee
TEN50 11th & Grand 151 C = = 5,700 2016 Trumark Urban
Hanover Grand Avenue 1000 S. Grand Ave. 274 = = 12,000 2016 Hanover
Development: Under Construction
13Downtown Center Business Improvement District
Q3 2015 MARKET REPORT
Project Name Address ResidentialUnits
Hotel Rooms
Office Sq. Ft.
Retail Sq. Ft.
Estimated Completion Developer
SOUTH PARK (CONT.)
Hanover Olympic 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
Forest City 11H* 156 W. 11th St. 171 = = 7500 2017 Forest City
Forest City 12B* 1201 S. Main St. 214 = = 7500 2017 Forest City
HOTEL
FINANCIAL DISTRICT
Freehand Hostel 416 W. 8th St. = 200 = = 2016 Sydell Group
Hotel Clark 426 S. Hill St. = 348 = = 2015 Chetrit Group
Embassy Hotel 851 S. Grand Ave. = 183 = = 2015 Chetrit Group
FASHION DISTRICT
The Proper (Case Hotel) 11th & Broadway = 151 = = 2017 The Kor Group
OFFICE/RETAIL
ARTS DISTRICT
AT MATEO Mateo & Palmetto = = = 200,000 2016 Blatteis & Schnur
Row DTLA (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
The Ford Building 2060 E. 7th St. = = 271,000 = 2017 Shorenstein
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
Harris Building 110 W. 11th St. = = 58,000 6,400 2016 Rita Harris
HISTORIC CORE
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
The Vail 735 S. Broadway = = 40,000 10,000 2016 George Peykar
SOUTH PARK
The Desmond 425 W. 11th St. = = 82,000 = 2015 Lincoln Property Co.
CIVIC & CULTURAL
ARTS DISTRICT
Hauser Wirth & Schimmel 901 E. 3rd St. = = = = 2016 Hauser & Wirth
BUNKER HILL/CIVIC CENTER
Federal Courthouse 2nd & Broadway = = = = 2016 GSA
TOTAL UNDER CONSTRUCTION10,608
ResidentialUnits
2,515 Hotel
Rooms
1,761,000 Office Sq. Ft.
1,824,400 Retail Sq. Ft.
TOTAL # OF PROJECTS =
52
C = Condo * Broke Ground in Q3
Development: Under Construction
14 Downtown Center Business Improvement District
Q3 2015 MARKET REPORT
Project Name Address ResidentialUnits
Hotel Rooms
Office Sq. Ft.
Retail Sq. Ft. Developer
MAJOR MIXED USE
BUNKER HILL
Grand Avenue Project 2nd & Grand 450 300 47,000 209,000 Related California
FASHION DISTRICT
City Market 9th & San Pedro 945 C 210 TBD 225,000 Peter Fleming
SOUTH PARK
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
SoLA Village* 1900-1933 S. Broadway 1423 208 = 30,000 PRH LA Mart
RESIDENTIAL
ARTS DISTRICT
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 South Alameda Development
1800 E. 7th St. 1800 E. 7th St. 125 = = 8,000 Elm Tree Investment
527 S. Colyton St. 527 S. Colyton St. 234 = = 13,400 Bolour Assoc
CHINATOWN
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
CITY WEST
1027 Wilshire 1027 Wilshire Blvd. 376 = = 6,500 Central City Development
Sapphire* 1111 W. 6th St. 362 = = 25,800 Jade Enterprises
1135 W. 7th St.* 1135 W. 7th 241 = = 7,000 Pangea Development
FINANCIAL DISTRICT
Onni Tower 820 S. Olive St. 589 = = 4,500 Onni Group
5-OH 5th & Olive 312 = = 17,000 Macfarlane Partners
HISTORIC CORE
939 S. Broadway 939 S. Broadway 163 = = TBD Barry Shy
Hill Tower Lofts 920 S. Hill St. 239 C = = TBD Barry Shy
4th and Broadway 4th & Broadway 400 = = 7,000 Izek Shomof
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 Equity Residential
Spring St. Tower 525 S. Spring St. 360 = = 9,400 Downtown Management
Development: Proposed
15Downtown Center Business Improvement District
Q3 2015 MARKET REPORT
Project Name Address ResidentialUnits
Hotel Rooms
Office Sq. Ft.
Retail Sq. Ft. Developer
HISTORIC CORE (CONT.)
Eighth & Spring 737 S. Spring St. 320 = = TBD Holland Partners
950 S. Broadway 950 S. Broadway 30 = = 7,500 GH Palmer
The Hill* 940 S. Hill St. 232 = = 14,000 940 Hill LLC
732 S. Spring* 732 S. Spring St. 308 = = 7,200 Holland Partners
The Alexan* 850 S. Hill St. 305 = = 7000 Trammell Crow
LITTLE TOKYO
Etco Homes 118 Astronaut Ellison S. Onizuka St. 66 = = TBD 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
Apex Phase II 900 S. Figueroa St. 341 = = 15,000 Holland Partners
Six Four Nine Lofts Wall & 7th 55 = = TBD Skid Row Housing Trust
FLOR 401 Wall & 7th 100 = = TBD Skid Row Housing Trust
HOTEL
FASHION DISTRICT
Dart Hotel 820 S. Spring St. = 14 = = Juan Pablo Torre
NoMad Hotel* 515 W. 7th St. = 241 = = Sydell Group
HISTORIC CORE
419 S. Spring 419 S. Spring St. = TBD = = PNK Group
Lizard in Los Angeles 631-633 S. Spring St. = 176 = = Lizard Capital
JEWELRY DISTRICT
Foreman & Clark 701 S. Hill St. = 165 = = Young Ju Kwon
SOUTH PARK
JW Marriott Expansion Olympic & Georgia = 755 = = AEG
1130 S. Hope 1130 S. Hope St. = 44 = = Kevin Burke
OFFICE/RETAIL
ARTS DISTRICT
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 SoHo House
JEWELRY DISTRICT
718 S. Hill 718 S. Hill St. = = 45,000 7,000 Urban Blox
TOTAL PROPOSED14,460
ResidentialUnits
2,360 Hotel
Rooms
257,000 Office Sq. Ft.
1,054,000 Retail Sq. Ft.
TOTAL # OF PROJECTS =
52
Development: Proposed
C = Condo * Added in Q3
16 Downtown Center Business Improvement District
Q3 2015 MARKET REPORT
PROPOSED1020 S. FIGUEROA
Developer: HazensAt 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.
UNDER CONSTRUCTIONWILSHIRE GRAND CENTER
Developer: AC MartinAt 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 CONSTRUCTIONOCEANWIDE PLAZA
Developer: OceanwideAcross 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.
UNDER CONSTRUCTIONMETROPOLIS
Developer: GreenlandThis $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.
Featured Projects: Major Mixed Use
17Downtown Center Business Improvement District
Q3 2015 MARKET REPORT
OPENED IN Q3Name Neighborhood Description
The Garment Lofts Fashion District Adaptive re-use project adding to the growing Santee Village
Pershing Apartments Historic Core $100 million, 37 story luxury high-rise project
The Broad Bunker Hill World class contemporary art museum offering free general admission
Clifton’s Cafeteria Historic Core Dramatic re-imagining of a historic space from the team behind The Edison
Featured Projects: Residential
UNDER CONSTRUCTION801 S. OLIVE
Developer: Carmel PartnersAcross 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 CONSTRUCTIONBROADWAY PALACE
Developer: GH PalmerThis 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 CONSTRUCTIONOLYMPIC AND OLIVE
Developer: HanoverThis 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.
18 Downtown Center Business Improvement District
Q3 2015 MARKET REPORT
Q3 SELECT LEASESTenant Building Address Sq. Ft.
Los Angeles Immigration Court City National Bank Building 606 S. Olive St. 72,210
DLR The BLOC 700 S. Flower St. 35,362
Cross Campus 800 Wilshire 800 Wilshire Blvd. 27,272
DoubleLine Wells Fargo Center 333 S. Grand Ave. 25,985
Featured Projects: Office
UNDER CONSTRUCTIONBROADWAY TRADE CENTER
Developer: Waterbridge CapitalWith 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.
UNDER CONSTRUCTIONFORD FACTORY
Developer: ShorensteinScheduled to open in 2017, the former Ford Factory in the Arts District is being revitalized into a state-of-the-art 250,000 square foot office destination for creative
and knowledge-sharing companies.
UNDER CONSTRUCTIONTHE DESMOND
Developer: Lincoln Property Co.This historic department store building in South Park,
two blocks from L.A. LIVE and Staples Center, will be the new AEG Live headquarters.
19Downtown Center Business Improvement District
Q3 2015 MARKET REPORT
BeSpoke Cycle StudioBroken SpanishRice BarShiekh ShoesAvery Sing
Namaste KitchenRedline DTLABierbieslediBOLSnociety Urban Eatery
Senor FishVespaioTabachines CocinaPublic School 213Philz Coffee
Andante CoffeeDistrictMixabowlPetty CashClifton’s Cafeteria
Featured Projects: Retail
JUST OPENEDWHOLE FOODS
Developer: Carmel PartnersOpened in November 2015, it occupies the ground
floor of the eighth & grand residential project in the Financial District.
UNDER CONSTRUCTIONTHE BLOC
Developer: The Ratkovich CompanyThis summer, the roof came off the former
Macy’s Plaza, which will re-open in 2016 as an open-air, pedestrian-friendly retail center anchored
by a completely renovated Macy’s flagship store in the Financial District.
UNDER CONSTRUCTIONAT MATEO
Developer: Blatteis & SchnurThe largest retail project in the Arts District will feature
open-air pedestrian walkways and architecture that reflects the industrial surroundings.
Q2 SELECT RETAIL OPENINGS
20 Downtown Center Business Improvement District
Q3 2015 MARKET REPORT
PROPOSEDNOMAD HOTEL
Developer: Sydell GroupThis is the second project from
the Sydell Group within one block, with construction already
underway on their Freehand Hostel.
UNDER CONSTRUCTIONTHE LA PROPER
Developer: KOR GroupSituated south of the Ace Hotel,
this historic conversion in the Fashion District promises to expand the boundaries of Broadway’s revival.
PROPOSEDJW MARRIOTT EXPANSION
Developer: AEGFormerly 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.
LOS ANGELES TOURISM RECORDS SET IN 2014
visitors, up 4.8% from 201344m+ 6.5m foreign visitors,
up 5.6% from 2013 $19.6b in direct visitor spending, up 6.8% from 2013
Featured Projects: Hotel
21Downtown Center Business Improvement District
Q3 2015 MARKET REPORT
UNDER CONSTRUCTIONEXPO LINE EXTENSION
Developer: MetroThis 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 CONSTRUCTIONREGIONAL 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.
NOW OPENTHE BROAD
Developer: The Broad FoundationThis 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.
PROPOSEDLA CONVENTION
CENTER RENOVATIONDeveloper: 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.
Featured Projects: Civic & Cultural
22 Downtown Center Business Improvement District
Q3 2015 MARKET REPORT
9/16/15WHAT YOU NEED TO KNOW IF YOU’RE GOING TO THE BROADThe $140 million edifice at 221 S. Grand Ave. bows on Sunday, Sept. 20. It holds the approximately 2,000 pieces of art in the collection of billionaire philanthropist Eli Broad (rhymes with road) and his wife Edythe, though only about 200-250 will be on display at any time. The collection includes works by the biggest names in contemporary art. — Downtown News
09/10/15HISTORIC PACMUTUAL BUILDING IN DOWNTOWN LA IS SOLD FOR $200MRising Realty Partners made over the Beaux Arts-style building from a lower-rent alternative for conventional white-collar firms into a preferred address for businesses in creative fields such as technology and entertainment. It acquired the property at 6th and Olive streets for $60 million in 2012. — Los Angeles Times
09/2/15COMPETITION TO REDESIGN PERSHING SQUARE BEGINSElected officials and other local leaders appeared on the steps of City Hall to announce the start of a design competition for the five-acre park at 532 S. Olive St. The kickoff follows the City Council’s unanimous vote to authorize the nonprofit Pershing Square Renew to raise money, conduct community outreach and develop a design competition for the park. — Downtown News
08/10/15L.A. PUSHES TO BE U.S. CANDIDATE FOR 2024 SUMMER OLYMPICS, PROJECTS $4.1 -BILLION COSTLos Angeles is close to reaching an agreement with the U.S. Olympic Committee to be America’s candidate for the 2024 Summer Games, pledging to host the event at a projected cost of approximately $4.1 billion and offering a guarantee that the city would cover any financial overruns.—– Los Angeles Times
08/05/15REAL ESTATE FIRM BUYS BRUNSWIG SQUARE FOR $33 MILLIONGreen Oak Real Estate, the firm that recently snapped up the Hotel Figueroa, has teamed with Arenda Capital Management to purchase Brunswig Square, an eight-story office building in Little Tokyo. The companies paid $33 million for the property at 360 E. Second St. that spans 115,000 square feet with 25,000 square feet of ground-floor retail space. — Downtown News
07/2/15CAL STATE L.A. OPENING DOWNTOWN CAMPUSCal State Los Angeles is opening a campus in downtown Los Angeles, having signed a 10-year lease late for 21,000 square feet at 801 S. Grand Ave. in the Financial District. The 24,000-student university’s new campus will offer undergraduate, graduate, professional development and certificate programs. — Los Angeles Business Journal
Spotlight on DTLA: Local Media
Q3 2015 MARKET REPORT
23
SEPTEMBER 2015WHY EVERYONE SHOULD STAY IN DOWNTOWN L.A.
“Thanks to an influx of exciting restaurants and bars, as well as the arrival of L.A. Live, Downtown L.A., affectionately called DTLA, is becoming a must-visit neighborhood in Los Angeles, even for Angelenos.”
MAY 2015LOS ANGELES AND ITS BOOMING CREATIVE CLASS LURES NEW YORKERSLong 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
DECEMBER 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.”
AUGUST 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.”
JANUARY 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
Q3 2015 MARKET REPORT
Spotlight on DTLA: US & Global Media
PLEASE CONTACT THE DCBID WITH ANY QUESTIONS YOU MAY HAVE.NICK GRIFFINDirector of Economic Development (213) [email protected]
ELAN SHOREEconomic Development Associate Research and Special Projects(213) 416 [email protected]
JULIA MARINOEconomic Development Associate(213) 416 [email protected]