"Staples Center is an anchor," pointed out Gregory M. Vilkin, president of Forest City Residential West, noting that in the center's first year of business, receipts at restaurants in the area went up approximately 40%. He says big changes in demographics—an influx of residents comprised of baby and echo boomers—is fueling this housing boom. "We're encouraging, not discouraging competition." Forest City's current projects include the adaptive reuses on three projects in the area. In total, there are 21 different projects with more than 3,100 housing units in the pipeline. It is estimated that sales prices for condominium units are between $300 and $400 per sf.

Other speakers included K. Robert Turner, managing partner of Canyon Capital Realty Advisors/Canyon-Johnson Urban Fund; as well as L.A. Mayor James K. Hahn, L.A. Chief of Police William J. Bratton, and Councilwoman Jan Perry. She noted that the area has three new high schools—11 new schools in all—and brings in $40 million annually in hospitality income for it fashion district. "It's a cultural and entertainment hub."

On the drawing board, is the $1.2 billion mixed-use Grand Avenue Project on top of Bunker Hill that will feature entertainment venues, restaurants and retail mixed with office buildings, a hotel and more than 1,000 housing units. There is also the development of L.A. Live, a sports & entertainment district adjacent to the Staples Center. The proposed four-million sf development features a 7,000-seat theatre and 1,200 room, 45-story convention center hotel in addition to residential housing, entertainment, retail, office space and parking. Mayor Hahn pointed out the particular need for the hotel noting that it's the only city with a convention center that does not have a hotel development nearby.