downtown la market report - downtown los angeles
TRANSCRIPT
Downtown LA Market Report
YEAR-END 2015
Downtown Center Business Improvement District
2 Downtown Center Business Improvement District
Q4 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 special services our property owners, commercial and residential, and to potential investors in our district.
• Research and Information• 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
Q4 2015 MARKET REPORT
EXECUTIVE SUMMARY .............................. 4
MARKET OVERVIEWResidential .................................................. 6
Retail ........................................................... 6
Office .......................................................... 7
Hotel ........................................................... 7
2015 OVERVIEW .......................................... 8
DEVELOPMENT UPDATE
Commercial Development Map ............. 11
Residential Development Map ............... 12
Under Construction ................................. 14
Proposed .................................................. 16
FEATURED PROJECTS
Major Mixed-Use ..................................... 18
Residential ................................................ 20
Office ........................................................ 21
Retail ......................................................... 22
Hotel ......................................................... 23
Civic & Cultural ........................................ 24
SPOTLIGHT ON DTLA
Local Media .............................................. 26
US and Global Media .............................. 27
00
Table of Contents
6
11
24
4 Downtown Center Business Improvement District
Q4 2015 MARKET REPORT
With the Downtown Renaissance in full-swing, 2015 saw DTLA firing on all cylinders, with four quarters of growth in the five main sectors of the market.
It was a record-breaking year for construction starts – with a total of 18 new projects with over 3,800 residential units, 850,000 SF of retail space and 2 million SF of office space. 13 development projects were completed this year, bringing almost 2,000 new apartments to the market.
Significant transactions included the Ace Hotel’s sale and Sun Cal’s purchase of 15 acres in the Arts District. Rising Realty was a notable buyer and seller – cashing out of the Pac Mutual Building and doubling down on One Bunker Hill and Figueroa Courtyard.
ResidentialResidential demand held strong, with occupancy rates and average rents rising and the supply pipeline expanding with the announcement of several new large-scale developments, including mixed-use projects by The Hazens Group, Mack Urban and PRH.
OfficeThe office market continued to improve, with vacancy rates down and rents up on total leasing activity of 2.3 million sf. Several major creative office projects got underway – including the
Broadway Trade Center and Row DTLA, while Bunker Hill’s towers were revitalized by projects like DesignHive by Brookfield.
Retail The retail sector hit its stride with the opening of Whole Foods and Clifton’s Cafeteria, and is poised for significant growth with The BLOC nearing completion and major projects under construction in every district, including At Mateo, Broadway Trade Center, and Oceanwide Plaza, for a total of almost 2 million sf of new retail space.
Hospitality The hospitality sector got a boost with 2,500 hotel rooms under construction. New investments like the Sydell Group’s Nomad Hotel and AEG’s JW Marriott expansion will accommodate the growing number of visitors to DTLA, which hit almost 19 million in 2015.
Civic & CulturalDTLA’s civic and cultural sectors look bright as well, with The Broad’s launch an unqualified success, blue-chip gallery Hauser, Wirth & Schimmel preparing to open in the Arts District, and several major transportation, streetscape, and public park projects underway, including a complete re-envisioning of historic Pershing Square.
$3.24 Average Class A Rent
Per Square Foot
95.8%Apartment
Occupancy Rate
4.8% - Retail Vacancy Rate
2.4 million sq. ft. – 2015 Total Office Leasing Activity
$147.19 – YTD Hotel RevPar
Q4 KEY STATS
Executive Summary
974 New residential units
opened in Q4
1,260 New residential units
proposed in Q4
Whole Foods opened at 8th and Grand
WeWork opened their second location in DTLA
New plans announced for Downtown Car Wash site
Q4 KEY HIGHLIGHTS
5Downtown Center Business Improvement District
Q4 2015 MARKET REPORTThe Desmond
Level DTLA
Whole Foods/eighth & grand
Clifton’s Cafeteria The Broad
6 Downtown Center Business Improvement District
Q4 2015 MARKET REPORT
RESIDENTIAL• Strong demand kept rental occupancy rates over 95%
while average rent rose to over $2,500 per unit.
• The long awaited openings of eighth & grand and
Hanover Grand Avenue added 974 rental units.
• Over 1,200 residential units were proposed, bringing
the total residential pipeline to over 26,000 units.
Market Overview
Q4 2015 Q4 2014
Apartment Occupancy Rate 95.8% 93.6%
Apartment Asking Rent Per Square Foot $2.78 $2.62
Average Effective Rent Per Unit $2,508 $2,359
Condo Sales 57 55
Condo Price Per Square Foot $644 $564
Source: CoStar, The Agency
RETAIL• The long awaited Whole Foods, occupying 41,000
square feet, opened at the corner of 8th and Grand.
• The opening of Burlington added another national
brand to the diverse mix of retail along Broadway.
• The Ratkovich Company neared completion of
The BLOC, which will soon add over 150,000 sf of
new retail and restaurants to the Financial District.
Q4 2015 Q4 2014
Vacancy Rate 4.8% 6.9%
Average Rent Per Sq Ft $2.59 $2.47
YTD Net Absorption 643,695 27,424
Source: CoStar
2m SQUARE FEET OF RETAIL SPACE UNDER
CONSTRUCTION
1.1m PROPOSED
10,170 RESIDENTIAL UNITS UNDER
CONSTRUCTION
15,334 PROPOSED
The BLOC
7Downtown Center Business Improvement District
Q4 2015 MARKET REPORT
Market OverviewOFFICE• The former AT&T Center in South Park was renamed for
USC, now the building’s largest tenant.
• Law firm Munger Tolles & Olsen renewed their 150,500
sf lease at 350 Grand, while Boston Consulting Group
signed a new lease for 27,133 sf at City National Plaza.
• WeWork opened its second Downtown LA location –
a 93,464 sf space in The Gas Company Tower.
2,515 HOTEL ROOMS UNDER CONSTRUCTION
2,876 PROPOSED
HOTEL• British hotel operator Hoxton purchased 1060 S.
Broadway for their first location in North America.
• Argentina-based Fën Hotels was chosen to operate
the long-vacant Trinity Auditorium and Hotel Clark.
• Property owner Ben Neman submitted plans for a major
mixed-use development including a 373-room hotel at
the Downtown Car Wash site adjacent to LA LIVE.
Q4 2015 Q4 2014
YTD Occupancy Rate 75.4% 74.4%
YTD Average Daily Rate $195.10 $181.43
YTD RevPAR $147.19 $134.92
Source: CoStar, The Agency
Q4 2015 Q4 2014
Vacancy Rate 18.2% 19.4%
Class A Rent Per Square Foot $3.24 $3.21
Overall Rent Per Square Foot $3.12 $3.04
YTD Net Absorption 85,640 298,670
YTD Leasing Activity 2.4m 2.1m
Source: Cushman & Wakefield
2.5m SQUARE FEET OF OFFICE SPACE
UNDER CONSTRUCTION
225,000 PROPOSED
Wilshire Grand
8 Downtown Center Business Improvement District
Q4 2015 MARKET REPORT
2015 OverviewSIGNIFICANT REAL ESTATE SALESProperty Name Address Buyer Seller Price
Q4
The Roosevelt 727 W. 7th St. Blackstone Group Greystar Investment Group, LLC $100 million
One Bunker Hill 601 W 5th St. Rising Realty Downtown Properties Holdings $92 million
800 Wilshire Tower 800 Wilshire Blvd. Onni Group Lincoln Property Company $81.3 million
The Desmond 425 W 11th St. AEG Lincoln Property Company $48.5 million
AMP Lofts Site 695 S. Santa Fe Greystar Real Estate Partners Bolour Associates $43.4 million
1060 S. Broadway 1060 S. Broadway Ennismore of London Andrew Shayne $30 million
Santa-Mateo Industrial Complex 520-532 S Mateo St. Carmel Partners Erwin & Essie Appel
Trust of 1975 $24 million
Q3
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 $60 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
Q2
ACE Hotel 927-933 S Broadway Chesapeake Lodging Trust Greenfield Partners $103 million
Avant South Park Apartments 1360 S Figueroa St. Essex Property
Trust, Inc.Cypress Equity Investments LLC $96.7 million
4th & Traction 963 E 4th St. Hudson Pacific Properties, Inc. Atlas Capital Group, LLC $49.3 million
Giannini Place 649 S Olive St The Sydell Group Chetrit Organization $39.3 million
1100 E. 5th 1100 E. 5th St. Boulevard Hospitality LLC John Rusconi $15 million
Q1
8th+Hope 801 S. Hope St. Essex Property Trust Wood Partners $200 million
6th & Alemeda Produce Mart 1205-31 Wholesale St. SunCal Lowe Enterprises $130 million
Figueroa Courtyard 221 N. Figueroa St. Rising Realty US Bank NA $84 million
1201 S. Grand 1201 S. Grand Ave. City Century RKDC Family Trust $26 million
9Downtown Center Business Improvement District
Q4 2015 MARKET REPORT
SELECT OFFICE LEASES
2015 Overview
Tenant Building Address Sq. Ft.
Q4
Munger Tolles & Olson LLP 350 Grand 350 S. Grand Ave. 150,500
WeWork The Gas Company Tower 555 W. 5th St. 93,464
Alan Matkin Law Firm 865 Tower 865 S. Figueroa St. 44,248
Boston Consulting Group City National Plaza 515 S. Flower St. 27,133
Q3
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
Q2
AECOM One California Plaza 300 S Grand Ave. 112,525
Soylent Broadway Media Center 207 S Broadway 16,400
ECMC Citigroup Center 444 S Flower St. 10,183
Q1
Capital Group Bank of America Plaza 333 S. Hope St. 323,000
City of Los Angeles 350 Grand 350 S. Grand Ave. 115,591
Hueston Hennigan PacMutual Building 523 W. 6th St. 21,000
464Arts District Brewing CoBurlington
Cento Pasta BarChegoGROW Market
H.D. ButtercupLittle SisterOtium
Urban SeoulVan Leeuwen Ice CreamWhole Foods
SELECT RETAIL OPENINGS
A.P.C. BoutiqueAmerican Tea RoomArticulum General StoreBarrel DownBomboBroken Spanish
Café GratitudeClifton’s CafeteriaFloyd’s BarbershopFogo De ChaoGROW MarketLe Petit Paris
Liberty TravelMalin + GoetzPhilz CoffeePitchoun BakeryPlease Do Not EnterRedbird
Shiekh ShoesSparkle FactoryTriple 8Uptown PupVespaioWittmore
Opened in Q4
Also opened in 2015
10 Downtown Center Business Improvement District
Q4 2015 MARKET REPORT
2015 Overview
RESIDENTIAL UNITS Before 1999 Since 1999 CurrentInventory
UnderConstruction
Total WhenComplete Proposed
Market Rate Rental 2,426 15,240 17,666 8,169 25,835 12,013
Condos 829 4,807 5,636 2,001 7,637 3,068
Affordable 8,371 3,776 12,147 0 12,147 253
Total 11,626 23,823 35,449 10,170 45,619 15,334
Estimated Population 60,618 17,391 78,008Estimated Population = #of units x 1.8 residents per unit x 95% occupancy rate
RESIDENTIAL INVENTORY
Financial District/Bunker Hilleighth & grand* (Residential)Hanover South Park (Residential)Level DTLA (Residential/Hotel)The Broad (Cultural)
Civic CenterDa Vinci Building 1 (Residential)
Arts DistrictLa Kretz Innovation Campus* (Office)
South ParkHanover Grand Avenue* (Residential)The Desmond* (Office)AVANT Phase 2 (Residential)
Historic CoreNew Broadway Lofts (Residential)Clifton’s Cafeteria (Retail)
Fashion DistrictStanford Plaza* (Retail)The Garment Lofts (Residential)
NEW DEVELOPMENTOpened in 2015
South ParkOceanwide Plaza (Mixed Use)Onyx (Residential)TEN50 (Residential)Circa (Residential)Mack Urban (Residential)
Historic CoreEighth & Spring* (Residential)Broadway Trade Center (Mixed Use)Vibiana Lofts (Residential)
Fashion DistrictThe Maxfield Building (Residential)The Los Angeles Proper (Hotel)Forest City 11H & 12B (Residential)Grether & Grether Building (Residential)939 S. Broadway* (Residential)
Financial District/Bunker Hill801 S. Olive (Residential)
Arts DistrictArthouse* (Residential)500 S. Santa Fe* (Office)ROW DTLA (Mixed Use)The Ford Factory (Office)AT MATEO (Retail)
Began Construction in 2015
* = Opened or Began Construction in Q4
11Downtown Center Business Improvement District
Commercial Developmentn Existingn Under Construction/Renovationn Proposed As of 2/5/16
Opened or began construction in Q4
12 Downtown Center Business Improvement District
Q4 2015 MARKET REPORTResidential Developmentn Existingn Under Construction/Renovationn Proposed As of 2/5/16
Opened or began construction in Q4
13Downtown Center Business Improvement District
Q4 2015 MARKET REPORT
14 Downtown Center Business Improvement District
Q4 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
Arthouse 1200 S. Santa Fe Ave. 53 = = 13,000 2016 Core Development Group
Garey Building 905 E. 2nd St. 320 = = 15,000 2016 Megatoys & Lowe Enterprises
950 E. Third 950 E. 3rd St. 472 = = 26,000 201 Legendary Development
CHINATOWN
Da Vinci 909 W. Temple St. 230 = = 8,200 2016 GH Palmer Associates
Blossom Plaza 900 N. Broadway 240 = = 20,000 2016 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 2016 Capital Foresight
FINANCIAL DISTRICT
888 Hope 888 S. Hope St. 526 = = TBD 2018 CIM
801 S. Olive 801 S. Olive St. 363 = = 10,000 2017 Carmel Partners
HISTORIC CORE
939 S. Broadway 939 S. Broadway 163 = = TBD 2017 Barry Shy
Eighth & Spring 737 S. Spring St. 320 = = TBD 2017 Holland Partners
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 2016 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
Development: Under Construction
15Downtown Center Business Improvement District
Q4 2015 MARKET REPORT
Project Name Address ResidentialUnits
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
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 = = 2016 Chetrit Group
Embassy Hotel 851 S. Grand Ave. = 183 = = 2016 Chetrit Group
FASHION DISTRICT
The Proper (Case Hotel) 11th & Broadway = 151 = = 2017 The Kor Group
OFFICE/RETAIL
ARTS DISTRICT
500 S. Santa Fe 500 S. Santa Fe Ave. = = 65,000 12,000 2017 Chalmers
AT MATEO Mateo & Palmetto = = = 200,000 2016 Blatteis & Schnur
Row DTLA (Alameda Square) 7th & Alameda = = 1,200,000 200,000 2016 Atlas Property
2045 Violet 2045 Violet St. = = 20,000 10,000 2016 DCM
The Ford Building 2060 E. 7th St. = = 271,000 = 2017 Shorenstein
FASHION DISTRICT
City Market South 11th & San Julian = = 30,000 100,000 2016 Peter Fleming
Harris Building 110 W. 11th St. = = 58,000 6,400 2016 Jade Enterprises
HISTORIC CORE
353 S. Broadway 353 S. Broadway = = 50,000 10,000 2016 Flatiron Development
527 S. Broadway 527 S. Broadway = = 70,000 8,000 2016 King's Arch
The Vail 735 S. Broadway = = 40,000 10,000 2016 George Peykar
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 CONSTRUCTION10,170
ResidentialUnits
2,515 Hotel
Rooms
2,754,000 Office Sq. Ft.
1,979,000 Retail Sq. Ft.
TOTAL # OF PROJECTS =
51
C = Condo
Development: Under Construction
16 Downtown Center Business Improvement District
Q4 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
811 W. Olympic 811 W Olympic Blvd. 374 373 33,500 65,000 Ben Neman
RESIDENTIAL
ARTS DISTRICT
AMP Lofts 695 S. Santa Fe Ave. 320 = = 20,000 Bolour Associates
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
675 S. Bixel 675 S. Bixel 422 143 = = United American Properties
FINANCIAL DISTRICT
Onni Tower 820 S. Olive St. 589 = = 4,500 Onni Group
5-OH 5th & Olive 312 = = 17,000 Macfarlane Partners
HISTORIC CORE
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
950 S. Broadway 950 S. Broadway 30 = = 7,500 GH Palmer
Development: Proposed
17Downtown Center Business Improvement District
Q4 2015 MARKET REPORT
Project Name Address ResidentialUnits
Hotel Rooms
Office Sq. Ft.
Retail Sq. Ft. Developer
HISTORIC CORE (CONT.)
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
INDUSTRIAL DISTRICT
Efficient City Apartments 721-813 E. 5th St. 160 = = 10,000 Dayan Investments
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
1340 S. Olive 1340 S Olive St. 154 = = 10,700 Jade Enterprises
Grand Residences 1233 S Grand Ave. 150 C = = 5,000 City Century
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
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 PROPOSED15,334
ResidentialUnits
2,876 Hotel
Rooms
225,000 Office Sq. Ft.
1,054,000 Retail Sq. Ft.
TOTAL # OF PROJECTS =
55
Development: Proposed
C = Condo
18 Downtown Center Business Improvement District
Q4 2015 MARKET REPORT
Featured Projects: Major Mixed Use
UNDER CONSTRUCTIONWILSHIRE GRAND
CENTERDeveloper: AC Martin
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 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.
19Downtown Center Business Improvement District
Q4 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 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.
20 Downtown Center Business Improvement District
Q4 2015 MARKET REPORT
Featured Projects: Residential
UNDER CONSTRUCTION801 S. OLIVE
Developer: Carmel PartnersAcross the road from their just-opened 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 CONSTRUCTIONOLIVE & PICO
Developer: Wolff PartnersWith 640 apartments and 42,000 SF of retail space, this is one of four projects under construction along
Pico Blvd in South Park.
UNDER CONSTRUCTIONEIGHTH & SPRING
Developer: Holland PartnersThe first of several new high-rise projects in the
pipeline near the Historic Core, this development will have 320 residential units and significant ground
floor retail space.
UNDER CONSTRUCTIONTEN50
Developer: Trumark UrbanOne of three condo projects under construction,
this 22-story tower in South Park will have 151 units, ranging in size from 700-1,350 square feet.
21Downtown Center Business Improvement District
Q4 2015 MARKET REPORT
Featured Projects: Office
UNDER CONSTRUCTIONROW DTLA
Developer: Atlas CapitalThis massive undertaking in the Arts District will transform 1.5 million SF of industrial space into a creative office and
retail destination.
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.
PROPOSED4th AND TRACTIONDeveloper: Hudson Pacific
The former Coca-Cola bottling facility in the Arts District is being revitalized into a high-design creative space with
luxury amenities.
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.
22 Downtown Center Business Improvement District
Q4 2015 MARKET REPORT
Featured Projects: Retail
UNDER CONSTRUCTIONCITY MARKET SOUTH
Developer: LENA GroupOriginally part of the oldest produce market in Los Angeles, this project promises to bring a new level
of dining, retail and creative office to the heart of the Fashion 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.
23Downtown Center Business Improvement District
Q4 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.
2015 DTLA TOURISM DATA FROM L.A. TOURISM & CONVENTION BOARD
Featured Projects: Hotel
18.9mTotal number of visitors
to DTLA
1.3mTotal number of
hotel guests in DTLA
4.4 Average number of days staying in a hotel in DTLA
$84.50Average daily spend per person in DTLA
24 Downtown Center Business Improvement District
Q4 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 Downtown and connections
to the Westside.
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.
Featured Projects: Civic & Cultural
UNDER CONSTRUCTION6th STREET VIADUCT
Developer: City of Los AngelesThe iconic Sixth Street Viaduct is being demolished
and replaced. The new bridge’s community features will enhance the vital connection between the growing Arts District on the west side of the Los Angeles River and
historic Boyle Heights on the east side.
25Downtown Center Business Improvement District
Q4 2015 MARKET REPORT
UNDER CONSTRUCTIONLA STATE HISTORIC PARKDeveloper: California Department
of Parks and RecreationThis 32-acre park adjacent to Chinatown is undergoing a multimillion-dollar renovation including new permanent facilities, pathways, and unique spaces for public events.
PROPOSEDPERSHING SQUARE
Developer: Pershing Square Renew and City of Los Angeles
Made possible through a collaboration between government, community and business, an international design competition is underway that will transform the
city’s oldest park into a world-class public space.
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
26 Downtown Center Business Improvement District
Q4 2015 MARKET REPORT
12/21/15HERE ARE THE FOUR TEAMS THAT WILL COMPETE TO REDESIGN DOWNTOWN LA’S HATED PERSHING SQUARE After opening the competition in September, officials with Pershing Square Renew chose 10 preliminary proposals for a redesign. Now, they’ve whittled those 10 semifinalist teams down to just four. — Curbed LA
12/8/15 FIRST METROPOLIS HIGH-RISE TOWER TOPS OFF IN DOWNTOWN LAChinese developer Greenland USA topped off their first tower with a ceremony marking another big step forward as the massive 6.3 acre site begins to truly take shape with all four towers now rising simultaneously. — DTLA Rising
12/7/15 DOWNTOWN OFFICE VACANCY RATE FALLS The Downtown Center Business Improvement District last week announced that the office vacancy rate in the third quarter of the year was 18.4%, down from 20.4% in the same period in 2014. — Downtown News
11/17/15 FËN HOTELS FLAG CHOSEN FOR TRINITY AND CLARK IN DOWNTOWN LA The long-vacant Trinity Auditorium and Hotel Clark — two historic gems owned by NY-based Chetrit Group — are finally about to open early next year as two new boutique hotels under the Fën Hotels brand from South America. — DTLA Rising
11/11/15IS THE NEW WHOLE FOODS A GAME CHANGER FOR DOWNTOWN LOS ANGELES? For Andrew Culp, who has lived in downtown Los Angeles for the last two years, a simple grocery shopping trip has been an expedition. So you might have some understanding of how he feels about the new Whole Foods at Eighth and Grand: “At the risk of sounding ridiculous,” Culp said, “I think this new Whole Foods is going to change my life.” — LA Times
Spotlight on DTLA: Local Media
27Downtown Center Business Improvement District
Q4 2015 MARKET REPORT
27
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
Q4 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]