September 19, 2016
Jefferson Park and West Adams, two Los Angeles neighborhoods west of USC, are the latest entrants in SoCal’s swelling progression of redevelopment. While initially focused on residential, the trend is expanding into the CRE space as well.
CIM Group has acquired several properties in the area. Carmel Partners is planning a 30-story tower, with 1,218 homes and up to 300,000 square feet of mixed-use space at La Cienega and Jefferson.
Re-gentrification is part rediscovery of a forgotten section of the region, and part central location. But it is also driven by low land costs, which typically run $80 per square foot in these two areas, compared with $500 per square foot in DTLA.
The catalyst may be access to transit. These burgeoning areas are now served by the Expo Line light rail, and in 2019, the Crenshaw Line will be available to local residents.
For comments, questions or concerns, please contact Dennis Kaiser