DOWNTOWN LOS ANGELES DEVELOPMENT SITE 9,690 SQ.FT. OF LAND Rendering For Example Only
DTLA LAND PURCHASE OPPORTUNITY Potential For Live/Work Residential Development 9,690 Sq.Ft. of Land Washington Blvd, Los Angeles, CA 90021 Corner parcel with fantastic exposure on two streets 108' frontage on Washington Blvd; 119' on Compton Ave Potential for live/work residential development (buyer to verify) Zoned LA M2 Assessor's parcel number 5129-010-024 28,154 vehicles per day traffic count at Washington & Compton (2015) Up-and-coming neighborhood in the path of development Prime Downtown location one block south of I-10 Freeway Adjacent to DTLA Fashion District and Arts District Washington corridor location with Metro Blue Line frontage Close to Los Angeles Convention Center, Staples Center & LA Live Easy access to public transit and all Downtown LA freeways Asking price: $1,500,000 ($154.80 per sq.ft. land value)
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Aerial View Towards DTLA
Nearby Development Projects
Downtown Los Angeles is Reaching New Heights! Downtown Los Angeles has become one of the most dynamic urban centers in the Western United States and is the regional hub of Southern California. It contains one of the largest concentrations of office space and cultural amenities, is the center of an extensive transportation network, and is the focal point for investment capital by public and private sources, both national and international. Downtown Los Angeles is diverse in the rich array of neighborhoods that comprise it. From the Historic Core/Old Bank District and Broadway, to Bunker Hill and the Financial District, to South Park and the Fashion District, Downtown compacts a world of goods, services, and experiences into an efficient urban cluster. The city s renaissance, which began in the mid-1990s, has accelerated. According to the Downtown Center BID (DowntownLA.com), investment in Downtown LA from 1999 to 2015 was well over $20 billion. The residential and retail sectors have seen significant growth, with a current 3% vacancy factor. The hotel market continues to expand to meet the demand from over 10 million visitors annually. Downtown Los Angeles is one of the hottest development markets in the country, fueled by an influx of high-income residents flocking to the amenities an urban life-style affords: award-winning restaurants; a growing number of cultural, entertainment and performing arts venues; a powerful business district; and home to some of the world s finest sports franchises. The City is also very pro-growth and offers numerous housing incentives. Located just south of the Fashion District and South Park District, the Washington Blvd property offers a buyer a prime location ripe for development. The neighborhood around the property is seeing rapid change, as new retail, residential and mixed-use projects come to fruition. 58,702 estimated population 5,636 condominiums 16,615 market rate apartments 10,000 units under construction 22,000 units in development pipeline 2015 apartment occupancy rate: 97% 2015 apartment asking rent per sq.ft.: $2.70 2015 average rent per unit: $2,475 2015 condo sales: 88 2015 condo price per sq.ft.: $647
"The Reef" Development Project In 2015, he Los Angeles Department of City Planning published a new draft environmental impact report (DEIR), revealing new information about the mixed-use development, which is now called "The Reef." The West Block - 1933 South Broadway 180,000 SF of space within the 12-story Reef building would be repurposed as creative office space. The building's ground-floor would be redesigned to include a combined 30,000 SF of retail and restaurant space, while its rooftop would receive an additional 8,000 SF of restaurant and outdoor event space. New construction on the West Block would occur on the parking lot immediately south of the Reef building. Plans call for a 20-story, 240-foot tall hotel tower on the Hill Street side of the property, featuring 208 guest rooms and amenities such as an outdoor swimming pool. A seven-story structure would be built on the Broadway side of the property, featuring 100 rental units, ground-level retail space and seven live-work lofts along 21st Street. The southwest corner of the West Block would be developed with an eight-story above-grade garage, offering parking accommodations for a minimum 1,158 vehicles, ground-floor commercial stalls and space for outdoor entertainment on its roof level. The West Block would also include a mid-block paseo known as "the Exchange," which would provide pedestrian access between Hill Street and Broadway. In addition to shops and restaurants with outdoor seating, the paseo would feature a roughly 17,500 SF gallery designed to host local, national and international exhibitions. The East Block - 1900 South Broadway The East Block, located at 1900 South Broadway, will be developed with low-rise structures featuring rental apartments and a pair of high-rise towers featuring condominium units at the northeast and southwest corners of the block. The North Tower (32 stories and 388 feet in height) and the South Tower (35 stories and 420 feet in height) would combine to create 895 residential units, while the low-rise buildings of threeto-seven-stories in height would add an extra 428 rental units and 14 live-work apartments. All buildings would be served by residential amenities including multiple swimming pools, a fitness center and community rooms. The East Block would feature a mid-block paseo known as "the Strand." The paseo is intended to serve as the Reef development's main gathering space, designed with a public terrace featuring performance space with ampitheater-style seating. In addition to shops and restaurants, the Strand may also include a pharmacy, a grocery store and a fitness center. Architecture The project is being designed by a collaboration between architecture firms P-A-T-T-E-R-N-S and Gensler and would incorporate a variety of materials and styles. Artistic renderings included in the DEIR portray the two residential towers with glass exteriors. The developer has requested a signage supplemental use district which would allow for both static and animated graphics on the buildings. The signs could be used for advertisements, building identification or even public art. The Reef development would also result in significant streetscape upgrades for the surrounding community. In addition to the new gathering space proposed in the East and West Blocks, plans call for a new mid-block crosswalk on Broadway, improved landscaping and better connectivity to the nearby Grand Station on the Metro Blue Line. Construction The reef project would be built over approximately 60 months. Groundbreaking on the West Block could occur as early as 2016, with an expected timeline of 30 months. Construction on the East Block (expected to last 32 months) would not begin until the completion of the West Block's parking structure. A small amount of overlap between the two phases may occur. The Reef project is pursuing LEED certification, with environmentally-friendly features such as drought tolerant plants, deep infiltration wells and low-flow water fixtures. A full build-out of the Reef development is projected by the end of 2021.
South Park Development Projects 1 Oceanwide Plaza: Figueroa St., Between 11th St. & 12th St. Developer: Oceanwide / Under Construction 2 Circa: 1200 Figueroa St. Developer: Jamison & Hankey Group / Under Construction 3 1400 Figueroa Apartments: 1400 Figueroa St. Developer: DHG / Anticipated Development 4 1501 S. Hill St.: 1501 Hill St. Developer: Jade Enterprises / Anticipated Development 5 Onyx Project (East): Pico Blvd. & Hope St. Developer: Jade Enterprises / Under Construction 6 Onyx Project (West): Flower St. & Hope St. Developer: Jade Enterprises / Anticipated Development 7 1212 Flower St.: 12th St. & Hope St. Developer: Onni Group / Anticipated Development 8 Hope St. Apartments: Hope St., Between 11th St. & 12th St. Entitled Condo/Mixed-Use / Anticipated Development 9 1000 Grand Apartments: 1000 Grand Ave. Developer: Hanover Company / Under Construction 10 TEN50: 1050 Grand Ave. Developer: Trumark Urban / Under Construction 11 Grand Highrise: 12th St. & Grand Ave. (NE Corner) Developer: Mack Urban / Anticipated Development 12 12th & Grand Apartments: 1200 Grand Ave. Developer: Wolff/Astani / Under Construction 13 Proposed Condos: 1201 Grand Ave. Developer: Shenglong Group / Anticipated Development 14 E. on Grand: 1249 Grand Ave. Developer: 4D Development / Under Construction 15 916 Georgia St.: 916 Georgia St. Developer: TRG / Anticipated Development 16 J.W. Marriott Expansion: Olympic Blvd & Georgia St. Developer: AEG / Anticipated Development 17 Car Wash Development: 811 Olympic Blvd. Developer: Neman / Anticipated Development 18 APEX II: 900 Figueroa St. Developer: Holland Partner Grp / Anticipated Development 19 Luxe Development: 1020 Figueroa St. Developer: Shenzhen Hazens RE Group / Anticipated 20 Pico and Figueroa Boutique Hotel: Pico Blvd. & Figueroa St. Developer: City / Anticipated Development 21 1130 Hope St. Boutique Hotel: 1130 Hope St. Developer: BIMHF / Anticipated Development 22 Desmond Building: 11th St. & Hope St. Developer: Lincoln Properties / Under Construction 23 Los Angeles Streetcar: Downtown Los Angeles Developer: City / Anticipated Development 24 My Figueroa Streetscape Project: 11th St. & Figueroa St. Developer: City / Anticipated Development
South Park Development Projects 25 L.A. Convention Center Expansion: 1201 Figueroa St. Developer: City / Anticipated Development SOUTH PARK II PROJECTS 38 1001 Olive Apartments: 1001 Olive St. Developer: Lennar / Under Construction 39 Future Development: 1045 Olive St. Developer: Crescent Heights / Anticipated Development 40 Olive Ave Project: 11th St. & Olive St. Developer: Mack Urban / Under Construction 41 Mixed Use Project: 11th St. & Hill St. Developer: Forest City / Anticipated Development 42 Herald Examiner: 1111 Broadway Developer: Hearst Corporation / Anticipated Development 43 Case Hotel: 1106 Broadway Developer: Kor Group / Alma / Under Construction 44 Pico & Olive: 1243 Olive St. Developer: Wolff/Astani / Under Construction 45 Pico Project: 12th St. & Pico St. Developer: Mack Urban / Under Construction SOUTH PARK ADJACENT PROJECTS 26 Metropolis: 9th St. & Francisco St. Developer: Greenland / Under Construction 27 Wilshire Grand Hotel: 930 Wilshire Blvd. Developer: Korean Air / Under Construction 28 The Bloc: 700 Flower St. Developer: The Ratkovich Company / Under Construction 29 888 South Hope: 888 Hope St. Developer: CIM / Under Construction 30 G8 Mixed Use: 8th St. & Grand Ave. Developer: Carmel Partners / Under Construction 31 801 Olive Apartments: 801 Olive St. Developer: Carmel Partners / Under Construction 32 Freehand Hotel: 416 8th St. Developer: Sydell Group / Anticipated Development 33 820 Olive St.: 820 Olive St. Developer: Onni Group / Anticipated Development 34 Onni Tower: 9th St. & Olive St. Developer: Onni Group / Under Construction 35 Olympic/Olive Apartments: Olympic Ave. & Olive St. Developer: Hanover Company / Under Construction 36 Hill Street Lofts: 916 Hill St. Developer: Barry Shy / Anticipated Development 37 Broadway Palace: 9th St. & Broadway Developer: Palmer / Under Construction