Surging real estate development is transforming the city’s center.
Variety reports that Downtown Los Angeles is getting a makeover to the tune of $16.5 billion in new development. Improvements include the addition of a large number of mixed-used projects that combine street retail with highrise living. This includes a new Whole Foods supermarket that recently opened, many small, independent restaurants, three new breweries, several art galleries, boutiques and a revitalized Grand Central Market in the Historic Core.
Apartment construction is roaring ahead at a fast and furious pace as more than 10,000 units are under development to fill the huge demand. New construction includes Greenland USA’s three mega-towers at Metropolis on the border of South Park and the Financial District, a $1 billion investment. On Downtown’s northern edge, the Arts District offers incredibly hip lifestyle options from the world’s longest apartment building, the modernist One Santa Fe to the Garey Building’s more traditional 320 brick-clad apartments nearing completion.
Most of the development is residential, and most of that is rental and hotel.
The L.A. Loft Blog recently reported MLS data showing Downtown price increases of 8% in 2015. Variety reports an even higher Downtown condo prices increase of 15% in 2015. Property values have risen overall by more than 150% over the last 17 years, per statistics from the downtown Business Improvement District. For coming years, the new addition of buildings under construction will bring increased selection for prospective buyers as projects like Metropolis and Trumark Urban’s TEN50 spring up.
Greenland USA’s Metropolis plans to open later this year: the 6.3-acre, 1,500-unit project north of L.A. Live will start with a 38-story residential tower and a 350-room hotel called Indigo. Metropolis will then add a 40-story tower and a 56-story tower.
Trumark Urban is quickly building TEN50, a 150-unit modern condominium at 10th and Grand. The sales office is now taking appointments. Residences in the 25-story tower start at 600 square feet, and range up to 4,000 square feet Amenities will include a yoga garden, private screening room — and even a shopping delivery drone landing pad!
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