Search
 

NYC Panel Touts Downtown L.A. $2B Development Boom

NEW YORK CITY-A select group of New Yorkers learned of the current development boom in "Downtown" Los Angeles that exceeds more than $2 billion. The event, geared toward investors, was sponsored by the L.A. Downtown Center BID and brought out such speakers as L.A.'s mayor and police chief, as well as C&W chair John Cushman.

By Barbara Jarvie | Updated on June 10, 2004

NEW YORK CITY-Cushman & Wakefield chairman John Cushman predicts that by the end of July, announcements will have been made about two developments in Downtown Los Angeles that will be in excess of $1 billion each. Cushman was among the presenters at an investors’ forum held here focusing on the viability of the Downtown L.A. market. The Downtown area can also expect its first full-service grocery next year.

“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.

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.