June 28, 2017
“Repositioning Space and Transforming Neighborhoods” was one of the more interesting panels at the recent Connect Los Angeles conference held at Hotel Indigo DTLA. The lively discussion in front of an audience of more than 450 CRE professionals focused on how innovative companies continue to redevelop and reposition outdated space into luxurious and creative buildings, thereby transforming communities like Koreatown, Hollywood and DTLA.
Here are the key takeaways from that panel:
Cox, Castle & Nicholson’s David Waite, who moderated the panel, noted that the defeat of Measure S allows much-needed continued development in Los Angeles, which is key to the city’s economy and to filling housing needs. If the measure would have passed, a moratorium on new construction could have been enforced for up to two years.
Greenland USA’s Ryan Aubry indicated that his company’s newest project, The Metropolis in DTLA, a $1-billion mixed-use development of residential towers and commercial space, is doing exceptionally well, with 80% pre-sales in its first phase, which is an indication of the area’s strong market.
MVE + Partners’ Dan Gura said his company is involved in designing nine projects in DTLA and Koreatown, focusing mainly on transit-oriented developments. Gura says the architecture firm’s development clients favor building near Metro stations. Projects include such upscale residential amenities as a gym, swimming pool, work stations and lots of open space, which is what the market demands.
NKF’s Ryan Harding agreed that DTLA is a great place to build, but also mentioned Culver City, Playa Vista, Glendale and Pasadena as emerging residential hotspots. He says, focus is on the Gen Xers and Millennials, who appreciate a strong sense of community and desire to be part of something more architecturally-interesting in where they live and work.
Three6ixty’s Dana Sayles mentioned she’s seeing a considerable amount of transformational projects in Koreatown, on 6th Street, and in the Arts District, as well as in Culver City, Inglewood and Glendale. There’s a continued reinvention of aging buildings to create space, as well as a strong demand for innovation and creative architecture. High tech is important to her company’s clients, as well as roof decks, swimming pools, a gym, bike paths, dog parks, and charging stations for electric cars.
Previous coverage of Connect LA 2017 can be found by clicking on these links: A Market Outlook & Industry Overview from the C-Suite, Gauging the Climate: Buy, Build, Sell or Hold and Nelson Rising Recognized with Lifetime Achievement Award at Connect LA.