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.

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