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IREM: Downtown Set to Boom

LOS ANGELES-Speakers at the Eighth Annual Real Estate Forecast Breakfast hosted by the Los

By Peter Landau | Updated on January 31, 2002

LOS ANGELES-You’ve heard it before, but the chorus is louder and the prospects never brighter for the downtown area of Los Angeles, according to speakers at the 8th Annual Real Estate Forecast Breakfast, hosted by the Los Angeles chapter of the Institute of Real Estate Management at the Hollywood& Highland Center.

“Downtown LA is on a roll,” says Carol Schatz, the president and CEO of Central City Association. She calls the area the “last big urban frontier in the US,” but cautions that it is still a hostile environment. Chiefamong her concerns is the lack of “real political will” needed to reinvent the sector into a true 24/7 city.

The elements for renewal are in place, she adds optimistically. The private sector has paved the way with over $50 million in a business improvement district program that improved the neighborhood. But a thriving downtown will not succeed, she went on to say, without converting old office properties to residential use. She expects 8,400 housing and mixed-use environments to be created by 2004.

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