Steve Fifield

Apartment development has been concentrated in three submarkets: Downtown Los Angeles, Koreatown and Hollywood. The concentration of construction in those markets isn't necessarily because there is higher demand or more available land, but rather because those are developer-friendly areas, according to Steve Fifield, co-founder and principal at Century West Partners. He says the community pushback in other L.A. submarkets, like West Hollywood and Santa Monica, has pushed developers into these three neighborhoods.

“Why are Downtown, Koreatown and Hollywood getting so much housing? Because we already have so much NIMBYism in the market,” Fifield tells GlobeSt.com. “The term NIMBY is a national term now, but it started in Westwood. This is the home of NIMBY.”

New legislation, namely Measure JJJ, has exacerbated the problems, making it difficult for developers to build up-zoning projects anywhere in the city. The key is that the project needs an up-zone or exemption to the general plan to trigger Measure JJJ. Fifield was at a recent event where Mayor Eric Garcetti was asked when the general plan will be updated, essentially making Measure JJJ void, and Garcetti responded, “It isn't going to happen over night.” Fifield would like to be included in the process of developing a new plan and to solving affordable and middle-market housing, but says that developers are usually left out of the process. “All of us participate when we are allowed to, but we are just a piece of it,” says Fifield. “With all of the political forces that play out in a general plan, nothing gets done very quickly. We are going to have to make due.”

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
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.

Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.