The future looks bright for DTLA real estate as investors and developers march forward.
The Downtown Center Business Improvement District (DCBID) has released its Q3 2020 DTLA Market Report revealing stats for the L.A. submarket and despite the COVID-19 pandemic, ongoing deals and development demonstrate continued investor interest in the city.
Lightstone Group’s Fig+Pico hotel development across from the Convention Center and the groundbreaking of Lowe’s 2130 Violet, a 113,000 square-foot office project in the Arts District are moving forward thanks to deals that closed in the third quarter.
Notable Projects Under Construction include Grand Avenue Project – Related’s $1 billion mixed-use development on Bunker Hill.
Silverstein Properties purchase of the US Bank Tower for $430 million• AvalonBay Communities’ purchase of the Showa Marine Cold Storage site at 7th & Alameda, fully entitled for 475 live/work units and approximately 50,000 square feet of retail.
Other developments to watch include:
Amp Lofts – Bolour Associates’ 320-unit apartment community in the Arts District across from Warner Music Group.
1133 Hope – Z&L Properties’ 28-story tower with 208 apartments and 5,500 square feet of ground floor retail.
2130 Violet – Lowe and Related Fund Management’s 113,000 square-foot office building with 3,400 square feet of retail.
“Like much of the country, DTLA continues to deal with the economic impact of the pandemic. However, we are reassured about the future by all of the investment and development activity occurring throughout Downtown,” added Suzanne Holley, DCBID President and CEO.
“Reassured not only by the projects that were begun a few years ago, but also by the new deals and developments that being announced. Residents, workers and visitors remain passionate about their neighborhood, and investors and developers alike see great opportunity in the region. Once the effects of the pandemic begin to pass, DTLA will be well positioned for recovery and future success.”
8th and Figueroa – Mitsui Fudosan’s 42-story apartment tower with 438 units and 7,500 square feet of retail in the Financial District.
755 S. Figueroa – Brookfield’s 64-story apartment tower with 784 units located adjacent to the FIGat7th shopping center in the Financial District
Perla – SCG America’s 35-story condo tower featuring 450 units in the Historic Core.
citizenM Hotel – 11-story hotel, being built with prefabricated modular units in the Financial District.
Emerald Apartments – Jade Enterprises’ 7-story apartment community featuring 154 units in South Park.
Ava Arts District – AvalonBay Communities’ 7-story apartment community featuring 475 apartments over 61,000 square feet of retail in the Arts District.
ProduceLA – Continuum Partners and Platinum Equity’s 100,000 square-foot office building with 15,000 square feet of ground floor retail space in the Arts District.