Downtown LA Market Report

Transcription

1 Downtown LA Market Report Q The Broad Metropolis Clifton s Cafeteria Downtown Center Business Improvement District

2 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 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. 2 Downtown Center Business Improvement District

3 Table of Contents EXECUTIVE SUMMARY... 4 MARKET OVERVIEW Residential... 6 Office... 6 Hotel Retail... 7 DEVELOPMENT UPDATE Overview... 8 Significant Real Estate Sales... 8 Commercial Development Map... 9 Residential Development Map Under Construction Proposed FEATURED PROJECTS Major Mixed-Use Residential Office Hotel Retail Civic & Cultural SPOTLIGHT ON DTLA 20 Local Media US and Global Media Downtown Center Business Improvement District 3

4 Executive Summary 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. Residential Even 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. Office This 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 $2.64 Average Retail Rent Per Square Foot 211,195 SF YTD Net Retail Absorption $ Hotel Average Daily Rate Q3 KEY HIGHLIGHTS 385 Residential units broke ground from Forest City 96.8% Apartment Occupancy Rate 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 INVESTMENT IN DOWNTOWN LA Between Commercial Arts & Entertainment Civic & Institutional Mixed-Use Residential Figueroa Corridor/Expo Park TOTAL: $19.3 billion $1b $1.2b $1.5b $2.6b $5.7b $7.3b 4 Downtown Center Business Improvement District

5 9th & Broadway FIGat7th Grand Central Market Downtown Center Business Improvement District 5

6 Market Overview 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. Q Q Metropolis Apartment Occupancy Rate 96.8% 95.2% 2,001 CONDO UNITS UNDER CONSTRUCTION Apartment Asking Rent Per Square Foot $2.74 $2.55 Average Effective Rent Per Unit $2,491 $2,337 Condo Sales Condo Price Per Square Foot $642 $572 Source: CoStar, The Agency RESIDENTIAL INVENTORY RESIDENTIAL UNITS Before 1999 Since 1999 Current Inventory Under Construction Total When Complete 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, , Total 11,626 22,849 34,475 10,608 45,083 14,460 Estimated Population 58,592 18,140 77,092 Estimated Population = #of units x 1.8 residents per unit x 95% occupancy rate 6 Downtown Center Business Improvement District

7 Market Overview OFFICE 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. Q Q 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, m SQUARE FEET OF OFFICE SPACE 257,000 PROPOSED Source: Cushman & Wakefield SIGNIFICANT REAL ESTATE SALES 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 E 2nd St Jamestown Arenda Capital Management $49.2 million 405 Mateo 405 Mateo St Hudson Pacific Zimmerman Development $40 million S. Main S Main St. JADE Enterprises Real Estate Group $24 million Downtown Center Business Improvement District 7

8 Market Overview The BLOC HOTEL The Sydell Group announced plans to open a NoMad Hotel at the recently purchased Giannini Place at 7th and Olive. 1.8m SQUARE FEET OF RETAIL SPACE 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 1.1m PROPOSED 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. Q Q Vacancy Rate 6.0% 6.8% Average Rent Per Square Foot $2.64 $2.18 YTD Net Absorption 211,195 55,640 Source: CoStar Q Q YTD Occupancy Rate 77.2% 77.5% YTD Average Daily Rate $ $ YTD RevPAR $ $ Source: CoStar, The Agency 8,163 HOTEL ROOMS 2,515 2,360 PROPOSED 8 Downtown Center Business Improvement District

9 Commercial Development Existing Under Construction/Renovation Proposed Opened or began construction in Q3 As of 11/15/15 Downtown Center Business Improvement District 9

10 Residential Development Existing Under Construction/Renovation Proposed Opened or began construction in Q3 As of 11/15/15 10 Downtown Center Business Improvement District

11 Downtown Center Business Improvement District 11

12 Development: Under Construction Project Name Address Residential Units Hotel Rooms Office Sq. Ft. Retail Sq. Ft. Estimated Completion Developer MAJOR MIXED USE FINANCIAL DISTRICT Wilshire Grand 900 Wilshire Blvd. = ,000 15, AC Martin The BLOC 7th & Flower/Hope = = = 450, The Ratkovich Company Metropolis Francisco b/w 8th & 9th 1,310 C 350 = 65, Greenland HISTORIC CORE Broadway Trade Center 8th & Broadway = , , Waterbridge SOUTH PARK Oceanwide Plaza 11th & Figueroa 540 C 183 = 180, Oceanwide RESIDENTIAL ARTS DISTRICT Garey Building 905 E. 2nd St. 320 = = 15, Megatoys & Lowe Enterprises 950 E. Third 950 E. 3rd St. 472 = = 26, Legendary Development CHINATOWN Da Vinci 909 W. Temple St. 230 = = 8, GH Palmer Associates Blossom Plaza 900 N. Broadway 240 = = 20, Forest City Residential West CITY WEST Valencia 1501 Wilshire Blvd. 218 = = 4, Astani Enterprises 6th & Bixel 611 S. Bixel St. 640 = = 25, Holland Partners 1419 W. 7th 1419 W. 7th St. 87 = = 1, Canfield Development FASHION DISTRICT Grether & Grether 730 S. Los Angeles St. 72 = = 11, South Park Group The Maxfield Building 819 Santee St. 96 = = 6, Capital Foresight FINANCIAL DISTRICT 888 Hope 888 S. Hope St. 526 = = TBD 2016 CIM eighth & grand 770 S. Grand Ave. 700 = = 42, Carmel Partners 801 S. Olive 801 S. Olive St. 363 = = 10, Carmel Partners HISTORIC CORE Singer Sewing Building 806 S. Broadway 7 = = TBD 2016 Anjac Fashion Topaz 550 S. Main St. 159 = = 23, Jade Enterprises Broadway Palace Olympic & Broadway 686 = = 35, GH Palmer Associates 932 S. Hill St. 932 S. Hill St. 18 = = 5, Urban Investment Group LITTLE TOKYO Block 8-D 2nd & San Pedro 240 = = 16, Sares-Regis Group Vibiana Lofts 114 E. 2nd St. 238 = = 4, Weintraub Real Estate Group SOUTH PARK Circa 1200 S. Figueroa St. 648 = = 40, David Y. Lee TEN50 11th & Grand 151 C = = 5, Trumark Urban Hanover Grand Avenue 1000 S. Grand Ave. 274 = = 12, Hanover 12 Downtown Center Business Improvement District

13 Development: Under Construction Project Name Address Residential Units Hotel Rooms Office Sq. Ft. Retail Sq. Ft. Estimated Completion Developer SOUTH PARK (CONT.) Hanover Olympic 924 S. Olive St. 263 = = 14, Hanover 1001 Olive 1001 S. Olive St. 201 = = 4, Lennar Olive and Pico 1200 S. Grand Ave. 640 = = 42, Wolf Partners Mack Urban Phase 1 11th, Grand, Pico, Hill 362 = = 6, Mack Urban E on Grand 1249 S. Grand Ave. 112 = = 5, D Development Onyx 500 W. Pico Blvd. 410 = = 42, Jade Enterprises Forest City 11H* 156 W. 11th St. 171 = = Forest City Forest City 12B* 1201 S. Main St. 214 = = 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, 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, DCM The Ford Building 2060 E. 7th St. = = 271,000 = 2017 Shorenstein FASHION DISTRICT Stanford Plaza 895 E. 14th St. = = = 150, Joia Trading City Market South 11th & San Julian = = 30, , Peter Fleming Harris Building 110 W. 11th St. = = 58,000 6, Rita Harris HISTORIC CORE 353 S. Broadway 353 S. Broadway = = 50,000 10, Flatiron Development 527 S. Broadway 527 S. Broadway = = 70,000 8, King's Arch The Vail 735 S. Broadway = = 40,000 10, 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 10,608 Residential Units 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 Downtown Center Business Improvement District 13

14 Development: Proposed Project Name Address Residential Units Hotel Rooms Office Sq. Ft. Retail Sq. Ft. Developer MAJOR MIXED USE BUNKER HILL Grand Avenue Project 2nd & Grand , ,000 Related California FASHION DISTRICT City Market 9th & San Pedro 945 C 210 TBD 225,000 Peter Fleming SOUTH PARK Mack Urban Phase S. Grand/1155 S. Olive = 21,000 Mack Urban 1020 S. Figueroa 1020 S. Figueroa St. 650 C 250 = 80,000 Hazens SoLA Village* S. Broadway = 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 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 14 Downtown Center Business Improvement District

15 Development: Proposed Project Name Address Residential Units 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, 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 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 PROPOSED 14,460 Residential Units 2,360 Hotel Rooms 257,000 Office Sq. Ft. 1,054,000 Retail Sq. Ft. TOTAL # OF PROJECTS = 52 C = Condo * Added in Q3 Downtown Center Business Improvement District 15

16 Featured Projects: Major Mixed Use PROPOSED 1020 S. FIGUEROA Developer: Hazens 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. WILSHIRE GRAND CENTER Developer: 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 OCEANWIDE PLAZA Developer: Oceanwide 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. METROPOLIS Developer: Greenland 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 Downtown Center Business Improvement District

17 Featured Projects: Residential 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. BROADWAY PALACE Developer: GH Palmer 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. 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. OPENED IN Q3 Name 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 Downtown Center Business Improvement District 17

18 Featured Projects: Office BROADWAY TRADE CENTER Developer: Waterbridge Capital 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. THE 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. 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. Q3 SELECT LEASES Tenant 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, Downtown Center Business Improvement District

19 Featured Projects: Retail JUST OPENED WHOLE FOODS Developer: Carmel Partners Opened in November 2015, it occupies the ground floor of the eighth & grand residential project in the Financial District. THE BLOC Developer: The Ratkovich Company This 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. 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. Q3 SELECT RETAIL OPENINGS BeSpoke Cycle Studio Namaste Kitchen Broken Spanish Redline DTLA Rice Bar Bierbiesl Shiekh Shoes edibol Avery Sing Snociety Urban Eatery Senor Fish Vespaio Tabachines Cocina Public School 213 Philz Coffee Andante Coffee District Mixabowl Petty Cash Clifton s Cafeteria Downtown Center Business Improvement District 19

20 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. PROPOSED NOMAD HOTEL Developer: Sydell Group This is the second project from the Sydell Group within one block, with construction already underway on their Freehand Hostel. 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 visitors, up 44m+ 4.8% from m foreign visitors, up 5.6% from 2013 $19.6b in direct visitor spending, up 6.8% from Downtown Center Business Improvement District

21 Featured Projects: Civic & Cultural 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. 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. NOW OPEN THE BROAD Developer: The Broad Foundation 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

22 Spotlight on DTLA: Local Media 9/16/15 WHAT YOU NEED TO KNOW IF YOU RE GOING TO THE BROAD The $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 will be on display at any time. The collection includes works by the biggest names in contemporary art. Downtown News 09/10/15 HISTORIC PACMUTUAL BUILDING IN DOWNTOWN LA IS SOLD FOR $200M Rising 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 Los Angeles Times 09/2/15 COMPETITION TO REDESIGN PERSHING SQUARE BEGINS Elected 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 08/10/15 L.A. PUSHES TO BE U.S. CANDIDATE FOR 2024 SUMMER OLYMPICS, PROJECTS $4.1 -BILLION COST Los 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 08/05/15 REAL ESTATE FIRM BUYS BRUNSWIG SQUARE FOR $33 MILLION Green 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 07/2/15 CAL STATE L.A. OPENING DOWNTOWN CAMPUS Cal 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 22 Downtown Center Business Improvement District

23 Spotlight on DTLA: US & Global Media SEPTEMBER 2015 WHY 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 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 DECEMBER 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 23

24 PLEASE CONTACT THE DCBID WITH ANY QUESTIONS YOU MAY HAVE. NICK GRIFFIN Director of Economic Development (213) ELAN SHORE Economic Development Associate Research and Special Projects (213) JULIA MARINO Economic Development Associate (213)