united in their commitment to enhance the quality of life in the ... and the LA River, plus Chinatown, City West, and. E
THIRD QUARTER, 2OI7
DOWNTOWN LA
MARKET
REPORT
Photo by Hunter Kerhart
Q3 2017 MARKET REPORT
ABOUT THE DCBID Founded in 1998, the Downtown Center Business Improvement District (DCBID) is a coalition of nearly 1,700 property owners in the central business district, united in their commitment to enhance the quality of life in the area. The organization has been a catalyst in the transformation of the Downtown Center District, turning it into a vibrant 24/7 destination. The mission of the Economic Development team is to improve and revitalize the District, and bring investment and new businesses to the area. We provide services to current and prospective residents, workers and businesses, including: • Development Consulting • Research and Information Requests • Events and Marketing • Monthly Housing and Office Tours • Customized Tours and Reports Whether you need information on new development, introductions to local decision-makers and influencers, or you just want to learn more about Downtown’s dynamic growth, we are the portal for information about the District and DTLA. To learn more about Downtown’s Renaissance and how to join us, visit www.DowntownLA.com.
DEFINITION OF DOWNTOWN LA The DCBID defines Downtown Los Angeles as the area bounded by the 110, 101 and 10 freeways and the LA River, plus Chinatown, City West, and Exposition Park. The projects contained in this report are within a portion of Downtown Los Angeles, shown on the map to the left.
2
Downtown Center Business Improvement District
TABLE OF CONTENTS
EXECUTIVE SUMMARY ......................................... 4 MARKET OVERVIEW
Residential ......................................................... 6 Office .................................................................. 7
8
Significant Real Estate Sales .............................. 7 Retail .................................................................. 8 Hotel .................................................................. 8 DEVELOPMENT UPDATE
Commercial Development Map ........................ 9 Residential Development Map ....................... 10 Under Construction ........................................ 12 Proposed ......................................................... 14
17
FEATURED PROJECTS
Major Mixed-Use ............................................ 17 Residential ...................................................... 18 Office ............................................................... 19 Retail ............................................................... 20 Hotel ............................................................... 21 Civic & Cultural ............................................... 21 SPOTLIGHT ON DTLA
20
Local Media ..................................................... 22 US and Global Media ...................................... 23 Downtown Center Business Improvement District
3
Q3 2017 MARKET REPORT
EXECUTIVE SUMMARY Downtown LA continued on its dynamic growth trajectory in Q3, despite a relatively slow quarter for the greater LA area. Leading the way was residential with another 1,380 rental units coming to market.
RESIDENTIAL
With 5 new projects opening in Q3 alone, 2017 has already set a new record with over 2,700 new units delivered this year. Nevertheless, demand kept pace, with rents and occupancy rates holding steady from quarter to quarter.
OFFICE
In the Financial District, the Wilshire Grand Center added Metrolink to its roster of tenants, bringing the property to 40% leased. Meanwhile, the creative migration to Downtown continued with Adidas announcing a new marketing headquarters, tech firm Gimbal relocating from Santa Monica, both to ROW DTLA, Bullitt Studios moving from West Hollywood to City Market South in the Fashion District, and architecture firm Jerde leaving Venice for the historic CalEdison on Bunker Hill.
RETAIL
The quarter was also highlighted by the opening of two flagship fashion boutiques: Nordstrom Rack at FigAt7th, and COS in the historic Olympic Theater off Broadway. Broadway also prepared to welcome another national footwear chain with news that Vans signed a full floor lease at the Singer Sewing Building. On the food front, Sweetgreen, the national chain of healthy fast-casual restaurants opened the first of several planned Downtown locations at The CalEdison.
HOSPITALITY
Construction began on The Hoxton Hotel at 11th and Broadway across from the almost completed LA Proper. In the Arts District, construction also began on Soho House, a private social club for creatives, with 48 hotel rooms and a range of high-end amenities that will be located just a block from the new headquarters of Warner Music Group. Meanwhile the highly anticipated Nomad Hotel at 7th and Olive readied for a Q1 2018 opening
CIVIC & CULTURAL
After several years sitting idle, Downtown’s cherished Angel’s Flight finally returned to full service, bringing an appealing tourist attraction and much-needed transport from the office towers of Bunker Hill to the dining and entertainment options in the Historic Core.
Q3 KEY HIGHLIGHTS
182
New residential units broke ground
Q3 KEY STATS
1,380 New residential units opened
Soho House began construction in the Arts District Gimbal announced they will relocate from Santa Monica to ROW DTLA COS opened a flagship location at the historic Olympic Theater on 8th 4
Downtown Center Business Improvement District
$3.48 Average Class A Rent Per Square Foot
$2.92
Apartment Asking Rent Per Square Foot
17.6% office vacancy rate 1.9 million Square Feet YTD total office lease activity $176.38 YTD RevPar
RESIDENTIAL I OFFICE I RETAIL DowntownLA.com/MakeItYours Downtown Center Business Improvement District
5
Q3 2017 MARKET REPORT
MARKET OVERVIEW Residential • Over 700 units opened in City West, 640 of them at Holland Partners’ Sofia and the balance at Seven West. • Construction began on the adaptive reuse of the Foreman & Clark Building, which will convert the historic office property into 125 apartments. • Condo Sales continued to be strong with 133 sales in Q3, led by Metropolis and Ten50, which has almost completely sold out.
Metropolis
2,156
Q3 2017
Q3 2016
Apartment Occupancy Rate
87.5%
91.5%
Apartment Asking Rent Per Sq Ft
$2.92
$2.81
Average Effective Rent Per Unit
$2,499
$2,584
133
89
$679
$637
Condo Sales
CONDO UNITS UNDER CONSTRUCTION
Condo Price Per Square Foot Source: DTLA Life, CoStar
RESIDENTIAL INVENTORY RESIDENTIAL UNITS Market Rate Rental Condos Affordable Total
Since 1999
Current Inventory
2,426
19,975
22,401
7,676
30,077
24,514
829
5,266
6,095
2,156
8,251
4,685
8,371
3,884
12,255
71
12,326
692
11,626
29,125
39,371
9,903
50,654
29,891
67,324
18,393
85,717
Before 1999
Estimated Population Estimated Population = #of units x 1.8 residents per unit x 95% occupancy rate
6
Downtown Center Business Improvement District
Under Construction
Total When Complete
Proposed
MARKET OVERVIEW Office
Wilshire Grand Center
• Ernst & Young renewed their lease for 120,000 SF at their namesake tower. • Onni Group announced plans to upgrade the Western Pacific Building at Olympic and Broadway into modern creative space. • Despite relatively flat net absorption, rents continued to rise as landlords seek higher value tenants and longer-term deals.
Q3 2017
Q3 2016
Vacancy Rate
17.6%
16.8%
Class A Rent Per Sq Ft
$3.48
$3.32
Overall Rent Per Sq Ft
$3.47
$3.30
YTD Net Absorption
(-59,672)
185,142
YTD Leasing Activity
1,946,024
1,665,418
2.9m
SQUARE FEET OF OFFICE SPACE UNDER CONSTRUCTION
1.5m PROPOSED
Source: CBRE
Real Estate Sales Property Address
Buyer
Seller
Price
1211 E Washington Blvd
Yousef Golbahary
Atlas Capital Group LLC
$17m
1655 E 14th St
John Kim
A.B.S. Clothing Company
$7.8m
811-817 San Julian St
Moses Babazadeh
Meang Khy Chia
$7.5m
1030 S Hill St (Land)
Onni Group
Harry Altman Trust
$6m
Downtown Center Business Improvement District
7
Q3 2017 MARKET REPORT
MARKET OVERVIEW Hotel • The L.A. Convention Center announced its best year ever, with 74% occupancy, compared to only 56% in 2013, the last year it was run by the City of LA before turning over operations to AEG. • The Freehand opened Broken Shaker, their rooftop patio bar. • The Sydell Group announced that The Nomad Hotel at 7th & Olive will open in 2018. Oceanwide Plaza
1.5m
Q3 2016
81.1%
80.8%
YTD Average Daily Rate
$217.57
$213.24
YTD RevPAR
$176.38
$172.32
YTD Occupancy Rate
SQUARE FEET OF RETAIL SPACE UNDER CONSTRUCTION
2.5m
Q3 2017
Source: LA Tourism and Convention Board
PROPOSED
Retail • A new lease was signed by Vans for a flagship store on Broadway, adding to the growing roster of shoe stores in the area. • Corporation Food Hall opened on Spring St. with eight diverse vendors. • PBJ.LA became the newest vendor at Grand Central Market, which celebrated its 100th anniversary.
Q3 2017
The LA Proper
1,355
Vacancy Rate
4.6%
4.0%
Average Rent Per Square Foot
$2.57
$2.51
ROOMS UNDER CONSTRUCTION
(-74,820)
28,227
6,746 PROPOSED
YTD Net Absorption Source: CoStar
8
Q3 2016
Downtown Center Business Improvement District
Commercial Development n Existing n Under Construction/Renovation n Proposed Opened or began construction in Q3 As of 09/30/17
Downtown Center Business Improvement District
9
Residential Development n Existing n Under Construction/Renovation n Proposed 1 Opened or began construction in Q3 As of 09/30/17
10
Downtown Center Business Improvement District
Downtown Center Business Improvement District
11
Q3 2017 MARKET REPORT
UNDER CONSTRUCTION Project Name
Address
Residential Units
Hotel Rooms
Office Sq. Ft.
Retail Sq. Ft.
Estimated Completion
Developer
MAJOR MIXED USE FINANCIAL DISTRICT Metropolis Phase II
899 Francisco St.
1,002 C
=
=
65,000
2018
Greenland
HISTORIC CORE Broadway Trade Center
801 S. Broadway
=
200
500,000
200,000
2017
Waterbridge
11th & Figueroa
504 C
184
=
166,000
2019
Oceanwide Holdings
The Aliso
950 E. 3rd St.
471
=
=
22,000
2018
Legendary Development
AMP Lofts
695 S. Santa Fe Ave.
320
=
=
20,000
2018
Bolour Associates
400 W. Cesar E Chavez Ave.
345
=
=
50,000
2018
LA Plaza de Cultura y Artes
72
=
=
11,000
2017
South Park Group
SOUTH PARK Oceanwide Plaza
RESIDENTIAL ARTS DISTRICT
CHINATOWN LA Plaza Cultura Village FASHION DISTRICT Grether & Grether
730 S. Los Angeles St.
FINANCIAL DISTRICT Grand Hope Lofts
888 S. Hope St.
526
=
=
5,000
2018
CIM
820 Olive Street
820 S. Olive St.
516
=
=
4,500
2018
Onni Group
Park Fifth
5th & Olive
660
=
24,000
2018
Macfarlane Partners
939 S. Broadway
939 S. Broadway
163
=
=
TBD
2017
Barry Shy
755 Spring St
755 S. Spring St.
320
=
=
8,900
2017
Holland Partners
Singer Sewing Building
806 S. Broadway
7
=
=
TBD
2017
Anjac Fashion
Topaz
550 S. Main St.
159
=
=
23,000
2017
JADE Enterprises
Banco Popular
354 S. Spring St.
188
=
=
17,500
2018
Standard Development
732 Spring Street
732 S. Spring St.
300
=
=
7,500
2018
Holland Partners
Perla
4th & Broadway
450 C
=
=
7,000
2018
SCG America
950 S. Broadway
950 S. Broadway
30
=
=
7,500
2017
GH Palmer
Broadway Palace Phase 2
938 S. Broadway
413
=
=
20,000
2017
GH Palmer
331-335 E. 1st St
41
=
=
TBD
2018
Capital Foresight
HISTORIC CORE
LITTLE TOKYO MIKADO SOUTH PARK
12
Circa
1200 S. Figueroa St.
648
=
=
48,000
2018
Jamison
1400 S. Figueroa
1400 S. Figueroa St.
110
=
=
1,400
2017
DHG Family Trust
Mack Urban Phase 2
1120 S. Grand Ave.
512
=
=
10,000
2018
Mack Urban
Apex Phase II
900 S. Figueroa St.
341
=
=
15,000
2018
Holland Partners
Downtown Center Business Improvement District
UNDER CONSTRUCTION Project Name
Address
Residential Units
Hotel Rooms
Office Sq. Ft.
Retail Sq. Ft.
Estimated Completion
Developer
SOUTH PARK (CONT.) Onni Towers
1212 S. Flower St.
730
=
=
8,000
2018
Onni Group
1133 Hope Tower
1133 S. Hope St.
200 C
=
=
5,000
2019
Fulton Street Ventures
1000 S. Santa Fe St.
=
48
=
10,000
2018
Soho House
Hotel Clark
426 S. Hill St.
=
348
=
=
2017
Chetrit Group
Embassy Hotel
851 S. Grand Ave.
=
183
=
=
2017
Chetrit Group
NoMad Hotel
515 W. 7th St.
=
241
=
=
2017
Sydell Group
11th & Broadway
=
151
=
=
2017
The Kor Group
Santa Fe Business Center
500 S. Santa Fe Ave.
=
=
90,000
=
2018
Chalmers
AT MATEO
Mateo & Palmetto
=
=
50,000
130,000
2017
Blatteis & Schnur
ROW DTLA
7th & Alameda
=
=
1,200,000
200,000
2017
Atlas Property
The Ford Building
2060 E. 7th St.
=
=
271,000
=
2017
Shorenstein
4th & Traction
963 E. 4th St.
=
=
100,000
30,000
2017
Hudson Pacific Properties
Maxwell Building
405 S. Mateo St.
=
=
56,635
=
2018
Hudson Pacific Properties
759 N. Spring
759 N. Spring St.
=
=
9,000
14,000
2017
Industry Partners
Capital Milling Building
1231 N. Spring St.
=
=
TBD
50,000
2018
S&R Partners
City Market South
11th & San Julian
=
=
30,000
100,000
2017
LENA Group
Harris Building
110 W. 11th St.
=
=
58,000
6,400
2017
JADE Enterprises
Herald Examiner
1111 S. Broadway
=
=
80,000
=
2018
Georgetown Co./The Hearst Corp.
712 S. Olive St.
=
=
85,000
14,000
2017
Atlas Capital
527 S. Broadway
527 S. Broadway
=
=
70,000
8,000
2017
King's Arch
731 S. Broadway
731 S. Broadway
=
=
23,000
=
2018
Unknown
The Trust Building
433 S. Spring St.
=
=
300,000
=
2018
Rising Realty Partners
The Pettebone Building
510 S. Broadway
=
=
27,000
12,000
2017
RYDA Ventures
HOTEL ARTS DISTRICT Soho House FINANCIAL DISTRICT
FASHION DISTRICT The Proper (Case Hotel)
OFFICE & RETAIL ARTS DISTRICT
CHINATOWN
FASHION DISTRICT
FINANCIAL DISTRICT 712 S. Olive St. (LA Jewelry Mart) HISTORIC CORE
TOTAL UNDER CONSTRUCTION
9,903 Residential Units
1,355 Hotel Rooms
2,950,000 Office Sq. Ft.
1,547,300 Retail Sq. Ft.
TOTAL # OF PROJECTS = 47
C = Condo
Downtown Center Business Improvement District
13
Q3 2017 MARKET REPORT
PROPOSED Project Name
Address
Residential Units
Hotel Rooms
1,305/431 C
Office Sq. Ft.
Retail Sq. Ft.
Developer
MAJOR MIXED USE ARTS DISTRICT 6AM
6th & Alameda
412
250,000
128,000
2110 Bay
2110 Bay St.
110
=
113,000
51,000
670 Mesquit
670 Mesquit St.
308
236
136,000
TBD
2nd & Grand
450
300
47,000
209,000
SunCal Tishman Speyer V.E. Equities
BUNKER HILL Grand Avenue Project
Related California
CIVIC CENTER Times Mirror Square
100 S Broadway
=
TBD
34,000
222 W 2nd St.
222 W 2nd St.
107 C
=
534,000
7,200
9th & San Pedro
945 C
210
TBD
225,000
Peter Fleming
333 S. Alameda St.
994
=
=
100,000
TBD
1,127
Onni Group Tribune Media Company
FASHION DISTRICT City Market LITTLE TOKYO Little Tokyo Galleria SOUTH PARK 1020 S. Figueroa
1020 S. Figueroa St.
SoLA Village
1900-1933 S. Broadway
811 W. Olympic
300
=
80,000
Hazens
1423
435 C
208
=
30,000
PRH LA Mart
811 W Olympic Blvd.
374
373
33,500
65,000
Ben Neman
Figueroa Centre
925 S. Figueroa St.
200 C
220
=
94,000
Regalian
1600 S. Figueroa St.
1600 S. Figueroa St.
336
250
=
15,000
RP Realty Partners
Camden
RESIDENTIAL ARTS DISTRICT Industrial Street Lofts
1525 Industrial St.
344
=
15,000
15,000
Alameda & 4th Lofts
360 S. Alameda St.
63
=
=
TBD
1800 E. 7th St.
1800 E. 7th St.
125
=
=
8,000
527 S. Colyton St.
527 S. Colyton St.
310 C
=
=
11,375
South Alameda Development Elm Tree Investment Bolour Assoc
520 S. Mateo St.
520 S Mateo St.
600
=
20,000
30,000
Carmel Partners
330 S. Alameda
330 S. Alameda
186
=
=
22,000
Greystar
5th & Seaton
5th & Seaton
218
=
=
18,400
WW-5th & Seaton
676 S. Mateo
676 S. Mateo
172
=
=
23,000
District Centre
668 S. Alameda Street
668 S. Alameda
475
=
=
45,000
1000 S Mateo St.
1000 S Mateo St.
113
=
12,700
120,000
Avalon Bay Mateo Arts, LLC
Arts District Center
5th & Colyton & Seaton Streets
129 C
113
=
70,000
234 N. Center St.
234 N. Center St.
430
=
=
8,700
2143 Violet St.
2143 Violet St.
509
=
=
288,000
4th & Hewitt
940 E. 4th St.
93
=
=
20,000
Shoreham Capital
641
641 S. Imperial Ave.
140
=
7,000
7,000
Adam Lindemann
College Station
924 N. Spring St.
770
=
=
51,000
720 W. Cesar E Chavez
720 W. Cesar E Chavez
299
=
=
8,000
Cimmarusti Holdings
Alpine & Spring
211 W. Alpine
122
=
=
4,200
Izek Shomoff
Hill & Ord
708 N. Hill St.
162
=
=
5,000
643 N Spring St.
643 N Spring St.
203
=
=
21,000
1201 N Broadway
1201 N Broadway
124
=
=
8,700
Johnson Fain
1251 N Spring St.
1251 N Spring St.
937
=
=
21,000
S&R Partners
Arts District Development, LLC Atlas Capital Onni Group
CHINATOWN
14
Downtown Center Business Improvement District
Atlas Capital
Avant Development Redcar Properties
PROPOSED Project Name
Address
Residential Units
Hotel Rooms
Office Sq. Ft.
Retail Sq. Ft.
Developer
CITY WEST 1027 Wilshire
1027 Wilshire Blvd.
376
=
=
6,500
Sapphire
1111 W. 6th St.
362
=
=
25,800
1135 W. 7th St.
1135 W. 7th
241
=
=
7,000
495 S. Hartford Ave.
495 S. Hartford Ave.
218
=
=
TBD
Ferrante
1000 W. Temple
1,500
=
=
30,000
HOM Lofts
1230 W. Ingraham St.
80
=
=
=
Sharp Capital
Career Lofts
675 S. Bixel
422
143
=
=
United American Properties
1000 1st St.
136 S Beaudry Ave.
220
=
=
7,500
801 South Spring Holdings, LLC
Lifan Tower
1247 W. 7th St.
304
=
=
5,700
Lifan Group
7th & Maple
7th & Maple
452
=
=
TBD
1100 S Main St.
1100 S Main St.
379
=
=
26,000
Jade Enterprises
Mitsui Fudosan
Central City Development Jade Enterprises Pangea Development Urban View Investments GH Palmer
FASHION DISTRICT Realm Group/Urban Offerings
FINANCIAL DISTRICT Eighth & Figueroa
744 S. Figueroa St.
436
=
=
11,000
845 S Olive St.
845 S Olive St.
205
=
=
2,400
754 S. Hope St.
754 S. Hope St.
409
=
=
329
755 S. Figueroa St.
755 S. Figueroa St.
780
=
=
=
Hill Tower Lofts
920 S. Hill St.
239 C
=
=
TBD
Medallion 2.0
4th & Main
500
=
=
38,000
Saeed Farkhondehpour
SB Omega
601 S. Main St.
500 C
=
=
25,000
Barry Shy
National Properties Mitsui Fudosan Brookfield
HISTORIC CORE Barry Shy
955 S. Broadway
955 S. Broadway
163 C
=
=
6,400
Barry Shy
The Beacon
340 S. Hill St.
428
=
=
5,600
Equity Residential
Spring St. Tower
525 S. Spring St.
360
=
=
9,400
Fifth and Hill
5th and Hill St.
142 C
=
=
25,000
433 S Main St.
433 S Main St.
196
=
=
6344
Main Street Tower, LLC
Brooks Building
644 S. Broadway
30
=
=
2,500
Owner (TBD)
The Hill
940 S. Hill St.
Garland Building
740 S. Broadway
The Alexan
232
=
=
14,000
47
=
=
TBD
9th & Hill
305
=
=
6,200
721-813 E. 5th St.
160
=
=
10,000
Downtown Management Jeffrey Fish
940 Hill LLC TBD Trammell Crow Residential
INDUSTRIAL DISTRICT Efficient City Apartments
Dayan Investments
SP7
419 E. 7th/647 S. San Pedro
81
=
=
TBD
Southern California Flower Market
755 S Wall St.
323
=
58,000
81,000
Southern California Flower Mart
6th at Central
601 S Central Ave.
236
=
=
12,000
Triangle Plaza LLC
Skid Row Housing Trust
LITTLE TOKYO Etco Homes
118 Astronaut Ellison S. Onizuka St.
66
=
=
TBD
The Catalina
443 S. San Pedro St.
78
=
=
7,000
1201 S. Grand Ave.
126 C
=
=
TBD
Etco Homes Statewide Acquisitions Corp
SOUTH PARK 12th and Grand
City Century
Six Four Nine Lofts
Wall & 7th
55
=
=
TBD
Skid Row Housing Trust
FLOR 401
Wall & 7th
100
=
=
TBD
Skid Row Housing Trust
Emerald
1340 S. Olive St.
154
=
=
10,700
Vara
1233 S. Grand Ave.
150 C
=
=
5,000
Jade Enterprises City Century
C = Condo
Downtown Center Business Improvement District
15
Q3 2017 MARKET REPORT
PROPOSED Project Name
Address
Residential Units
Hotel Rooms
Office Sq. Ft.
Retail Sq. Ft.
Developer
SOUTH PARK (CONT.) 1410 S. Flower St.
1370-1418 S. Flower St.
Mack Urban Phase 3
1155 S. Olive
Olympia
Olympic Blvd. & Harbor Fwy.
1000 Hill 1045 S Olive St.
147
=
1,200
6,741
Oxley Place, LLC
154
=
=
11,000
Mack Urban
1,367
=
=
40,000
City Century
1000-1022 S. Hill St.
498
=
=
8,700
Onni Group
1045 S Olive St.
800 C
=
=
TBD
Crescent Heights FMB Development
1317 S. Hope St.
1317 S. Hope St.
38
=
=
TBD
1335 S. Grand Avenue
1323-1349 S. Grand Ave.
284
=
=
6,300
M&A Gabaee
1344 S. Flower St.
1334-1348 S. Flower St.
151
=
=
1,162
The Condor
1340 S. Hill St.
1340 S. Hill St.
233
=
=
9,000
Chernoff Family Trust
HOTEL ARTS DISTRICT 400 S. Alameda
400 S. Alameda
=
66
=
710 S. Santa Fe Ave.
710 S. Santa Fe Ave.
=
10
=
1031 S. Broadway
=
377
=
=
Onni Group
419 S. Spring St.
=
TBD
=
=
PNK Group
Lizard in Los Angeles
631-633 S. Spring St.
=
176
=
=
Lizard Capital
361 S. Spring St.
361 S. Spring St.
=
315
=
=
Osib LA Downtown Properties
1130 S. Hope St.
=
44
=
=
Fulton Street Ventures
= TBD
Habita Arts District (TBD) Firehouse Hotel LLC
FASHION DISTRICT Western Pacific Building HISTORIC CORE 419 S. Spring
SOUTH PARK 1130 S. Hope Fig+Pico
Figueroa St. & Pico Blvd.
=
1,162
=
13,100
Cambria Hotel
920-928 James M. Wood
=
247
=
=
Morrison Hotel
1246 S Hope St.
=
80
=
TBD
Hollywood Int’l. Regional Center
Trical Hotel
1300 S. Figueroa St.
=
1,024
=
TBD
Trical Construction Inc.
1000 S. Santa Fe Ave.
=
=
TBD
TBD
SoHo House
Lightstone Sun Capital & Pacific Property Partners
OFFICE & RETAIL ARTS DISTRICT SoHo House 929 E. 2nd St
929 E. 2nd St.
=
=
65,000
32,000
2144 E Violet St
2144 E. Violet St.
=
=
91,000
6100
640 S Santa Fe Ave.
640 S Santa Fe Ave.
=
=
107,000
TBD
405 S. Hewitt St.
405 S. Hewitt St.
=
=
255,000
15,000
2159 E. Bay St.
2159 E. Bay St.
=
=
222,000
TBD
755 W. College St.
=
=
100,000
=
755 S. Los Angeles St.
=
=
60,000
43,000
718 S. Hill St.
=
=
45,000
7,000
229-249 S. Los Angeles
=
=
=
Est4te Four Capital Lowe Enterprises Continuum Partners Legendary Development Tishman Speyer
CHINATOWN Kaiser Permanente Expansion
Kaiser Permanente
FASHION DISTRICT Norton Building
Urban Offerings
JEWELRY DISTRICT 718 S. Hill
Urban Blox
CIVIC LITTLE TOKYO Budokan of Los Angeles
TOTAL PROPOSED
16
Downtown Center Business Improvement District
29,891 Residential Units
6,746 Hotel Rooms
1,483,000 Office Sq. Ft.
= 2,535,000 Retail Sq. Ft.
Little Tokyo Service Center TOTAL # OF PROJECTS = 104
FEATURED PROJECTS
UNDER CONSTRUCTION
METROPOLIS
Developer: Greenland The first phase of this $1 billion project, including 308 condos and the 350-room Hotel Indigo, is now open, with the remaining 1,000+ condos and 60,000 SF of retail space expected in 2018.
UNDER CONSTRUCTION
Major Mixed Use
PROPOSED
GRAND AVENUE PROJECT Developer: Related Construction is scheduled to begin in 2018 on this long-awaited Bunker Hill project. Designed by Frank Gehry, it will feature over 400 residential units, a 305 room Equinox Hotel, and over 200K SF of retail space.
PROPOSED
OCEANWIDE PLAZA
1020 S. FIGUEROA
Developer: Oceanwide Holdings
Developer: Hazens
Across from Staples Center and L.A. LIVE in South Park, this $1 billion project will include 504 condos, 184 hotel rooms, and almost 200,000 square feet of retail.
At a cost of $700 million, Downtown’s latest mega-project in South Park will have 435 condos, 250 hotel rooms, and 80,000 square feet of retail. Downtown Center Business Improvement District
17
Q3 2017 MARKET REPORT
FEATURED PROJECTS
Residential
UNDER CONSTRUCTION
AMP LOFTS
Developer: Bolour Associates Across the street from Warner Music’s new headquarters in the Arts District, this project includes 320 apartments and 20,000 SF of retail.
UNDER CONSTRUCTION
UNDER CONSTRUCTION
PARK FIFTH
GRAND HOPE LOFTS
Developer: Macfarlane Partners
Developer: CIM Group
Across from Pershing Square, construction is well underway on Park Fifth, consisting of a 24-story tower and a 7-story building with a total of 660 residential units and 24,000 SF of retail space.
Next to the newly-opened Petco, CIM Group’s project, which will have 526 residential units, is now topped out at 33 stories.
OPENED IN Q3
18
Name
Neighborhood
Description
Sofia
City West
640 apartments from Holland Partners
Seven West
City West
Smaller project with 87 units on 7th Street
STOA
Little Tokyo
238 units between Main and Los Angeles
Olympic & Olive
South Park
Mix of 201 furnished and unfurnished units
Axis on Twelfth
South Park
First of two from Forest City with 214 apartments
Downtown Center Business Improvement District
FEATURED PROJECTS
Office
UNDER CONSTRUCTION
UNDER CONSTRUCTION
Developer: Waterbridge Capital
Developer: Atlas Capital
With over 1 million square feet of space that has been vacant for years, this project will activate almost a full city block at Broadway and 8th in the Historic Core.
Transformation of 1.5 million SF of industrial space into a creative destination is underway with the first retail and office tenants taking occupancy.
UNDER CONSTRUCTION
UNDER CONSTRUCTION
BROADWAY TRADE CENTER
ROW DTLA
FORD FACTORY
LA JEWELRY MART
Developer: Shorenstein
Developer: Atlas Capital
The former Ford Factory in the Arts District is being revitalized as a state-of-the-art 250,000 square foot office destination that will be the new home of Warner Music Group in 2018.
Built in 1917 in the heart of the Financial District, this project features 85,000 SF of office space at 14,000 SF of ground-floor retail.
Q3 SELECT LEASES Tenant
Building
Address
Sq. Ft.
Ernst & Young
725 S Figueroa St.
Ernst & Young Plaza
Merrill Lynch
350 S Grand Ave.
2Cal
51,954
Analysis Group
333 S Hope St.
Wells Fargo Plaza
37,135
Metrolink
900 Wilshire Blvd.
Wilshire Grand Center
30,000
Bank of China
444 S Flower St.
Citigroup Center
18,499
120,695
Downtown Center Business Improvement District
19
Q3 2017 MARKET REPORT
FEATURED PROJECTS
Retail UNDER CONSTRUCTION
CAPITOL MILLING BUILDING Developer: S&R Partners Located in Chinatown next to the new State Historic Park, this project will revitalize 5 industrial buildings dating from 1881 and create over 50,000 square feet of food and beverage options mixed with creative office.
UNDER CONSTRUCTION
AT MATEO
Developer: Blatteis & Schnur This mixed office and retail project in the Arts District will feature open-air pedestrian walkways and architecture that reflects the industrial surroundings.
UNDER CONSTRUCTION
CITY MARKET SOUTH Developer: LENA Group Originally part of the oldest produce market in Los Angeles, this project promises to bring a new level of dining, retail and creative office to the heart of the Fashion District.
Q3 SELECT RETAIL OPENINGS
20
SweetGreen
Le Box Blanc
PBJ.LA
Healthy Spot
The Loit
Blacksmiths
Sculpt
The Mighty
Corporation Food Hall
Halal Guys
Spire 73
COS
Earl of Sandwich
CoffeeWalk Yogurtalk
Firenza
Little Fluffy Head
Nossa Familia
Sweetfin
Downtown Center Business Improvement District
FEATURED PROJECTS
UNDER CONSTRUCTION
Hotel
UNDER CONSTRUCTION
PARK HYATT
NOMAD HOTEL
Developer: Oceanwide
Developer: Sydell Group
The 183 room hotel component of Oceanwide Plaza is the first Hyatt in DTLA, adding to the growing mix of operators.
This renovation of historic Giannini Place is the second project from the Sydell Group within one block.
Civic & Cultural
UNDER CONSTRUCTION
UNDER CONSTRUCTION
REGIONAL CONNECTOR
6TH STREET VIADUCT
Developer: Metro
Developer: City of Los Angeles
The 1.9-mile, $1.75 billion underground light rail extension, set to open in 2021, will provide a one-seat ride for north/south and east/west travel across Los Angeles County through the heart of Downtown.
The iconic Sixth Street Viaduct is being replaced. The new bridge’s community features will enhance the connection between the Arts District on the west side of the Los Angeles River and historic Boyle Heights on the east side. Completion is scheduled for 2019. Downtown Center Business Improvement District
21
Q3 2017 MARKET REPORT
SPOTLIGHT ON DTLA
Local Media
L.A. OFFICIALLY AWARDED 2028 OLYMPIC GAMES International Olympic Committee members voted their approval with a show of hands at a session in Lima, Peru, ending an unusual bid competition that resulted in two winners, with Paris simultaneously awarded the 2024 Games. — LA Times, 9/13/17
LOS ANGELES CONVENTION CENTER JUST WRAPPED UP ITS BEST YEAR EVER In the fiscal year that ended June 30, the Convention Center hosted 33 large conventions, two more than during the previous 12-month period, and had an occupancy rate of 74%, compared with 72% in the previous 12-month period. Occupancy was 57% during the last full fiscal year that the city ran the center. — LA Times, 7/27/17
GRAND AVENUE PROJECT FILES FOR CONSTRUCTION PERMITS Late last year, the long-stalled Grand Avenue Project received a $290-million life line from the Chinese real estate firm CORE, who is now partnering with Related Companies on the $1-billion mixed-use complex across the street from the Walt Disney Concert Hall. — Urbanize.la, 8/11/17
MASSIVE VANS FLAGSHIP STORE COMING TO BROADWAY IN DOWNTOWN LA Vans, one of the world’s most popular shoe brands, has recently signed a lease to occupy the entire ground floor retail space at the historic 1930 Singer Sewing Machine Building. — DTLA Rising, 7/21/17
FILM PRODUCTION COMPANY TO RELOCATE TO FASHION DISTRICT Joe and Anthony Russo, the sibling directors behind box office hits Captain America: The Winter Soldier, Captain America: Civil War and You, Me and Dupree are moving their offices and companies to an 18,300-square-foot office space in City Market South in the Fashion District. — Downtown News, 8/4/17
HIGH-TECH ARCADE TWO BIT CIRCUS COMING TO THE ARTS DISTRICT About 10,000 square feet will serve as office and experiment space for its approximately three dozen employees, while the remainder will hold a kind of high-tech version of Dave & Busters, with food, a bar and a thick roster of interactive games. — Downtown News, 8/3/17
TECH FIRM LEAVING SANTA MONICA FOR DOWNTOWN Gimbal, which makes a platform for marketing and advertising, has announced that it will trade its Santa Monica offices for the Central City. The company will move into a 12,600-square-foot space in the 30-acre Row DTLA complex in the Industrial District. — Downtown News, 7/11/17 22
Downtown Center Business Improvement District
SPOTLIGHT ON DTLA
US & Global Media
APRIL, 2017
DOWNTOWN LOS ANGELES IS AMERICA’S MOST COLORFUL NEIGHBORHOOD “One Los Angeles neighborhood, at least, offers something more colorful--and arguably better--than anything else in the U.S. It is the city’s downtown area, better known here to locals as ‘DTLA.’”
APRIL, 2017
LOS ANGELES’ NEW TECH SCENE FLOURISHES DOWNTOWN “Digital-media hubs have sprouted up all over Los Angeles in recent years in areas such as Venice, Playa Vista, and Culver City. But now the city’s downtown is also becoming a hot spot for a growing number of tech-minded firms.”
OCTOBER 2016
IT’S OFFICIAL: WARNER MUSIC GROUP MOVING TO LOS ANGELES’ DOWNTOWN ARTS DISTRICT “In a memo to staff on Oct. 7, WMG CEO Stephen Cooper announced the relocation to the downtown Arts District…an up-and-coming area that boasts “a burgeoning art, fashion, and food scene that’s a magnet for businesses, entrepreneurs, and creatives...”
APRIL 2016
DOWNTOWN LA: WHY NOW’S THE TIME TO VISIT AMERICA’S HIPPEST ‘HOOD “The city [of Los Angeles] is sunny and diverse…but it’s also enormous and the traffic is a snarling mess. To get under its skin, you need a neighbourhood focus. And that neighbourhood should be Downtown.”
FEBRUARY 2016
ART SCENE HEATS UP IN DOWNTOWN LOS ANGELES “While it’s unlikely that Ms. Kardashian will be partying in the Arts District anytime soon, the art openings there have become a social circuit, with blue-chip galleries and adventurous collectors mixing with notable artists, newer spaces and assorted hangers-on.“
Downtown Center Business Improvement District
23
PLEASE CONTACT THE DCBID WITH ANY QUESTIONS YOU MAY HAVE. NICK GRIFFIN
ELAN SHORE
Vice President of Economic Development
Associate Director of Economic Development, Research & Special Projects
(213) 416-7522
[email protected]
(213) 416 -7518
[email protected]
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