Search
 

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 February 01, 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 84,000 housing and mixed-use environments to be created by 2004.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.