q1 2016 - downtown la · with strong momentum and positive trends . ... with 4,000 units due to...

Downtown LA Market Report

Q1 2016

Downtown Center Business Improvement District

Photo by Hunter Kerhart

2 Downtown Center Business Improvement District

Q1 2016 MARKET REPORT

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 Downtown Los Angeles. The organization has been a catalyst in the transformation of Downtown into a vibrant 24/7 destination.

The mission of the Economic Development team is to improve and revitalize Downtown Los Angeles 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 construction, 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 on all of Downtown LA.

DEFINITION OF DOWNTOWN LAThe 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 right.

About the DCBID

To learn more about Downtown’s Renaissance and how to join us, visit www.downtownla.com.

3Downtown Center Business Improvement District


EXECUTIVE SUMMARY .............................. 4

MARKET OVERVIEWResidential .................................................. 6

Office .......................................................... 6

Hotel ........................................................... 7

Retail ........................................................... 7

DEVELOPMENT UPDATE

Overview ..................................................... 8

Significant Real Estate Sales ..................... 8

Commercial Development Map ............... 9

Residential Development Map ............... 10

Under Construction ................................. 12

Proposed .................................................. 14

FEATURED PROJECTS

Major Mixed-Use ..................................... 16

Residential ................................................ 17

Office ........................................................ 18

Hotel ......................................................... 19

Retail ......................................................... 20

Civic & Cultural ........................................ 21

SPOTLIGHT ON DTLA

Local Media .............................................. 23

US and Global Media .............................. 24

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Table of Contents

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2016 picked up right where 2015 left off, with strong momentum and positive trends in all sectors of the Downtown Los Angeles market, highlighted by growing demand for residential, office, hotel, and retail space.

ResidentialResidential construction continued its record pace, with 4,000 units due to market in 2016. Rental rates increased 5% over last year, and occupancy rates remained over 90%. Condo prices also continued to rise in advance of new inventory.

OfficeThe office market saw another quarter of positive net absorption on strong leasing activity, with average rents up 8% year-over-year, and a new generation of tenants like Industrious (Co-working) and All Def Digital (Media) helping diversify the DTLA work world.

Retail The retail vacancy rate dropped 28% since last year with rents holding steady in a market highlighted by new leases and openings including fashion retailer COS on Broadway, to Dunkin Donuts in the Financial District and Hennessey and Ingalls in the Arts District.

HospitalityWith DTLA’s desirability as a tourist destination continuing to rise, and over 2,500 hotel rooms under construction to meet that growing demand, the market’s Average Daily Rate is now over $200, with RevPar up almost 20% over last year.

Civic & Cultural Keeping pace with the rest of the market, civic and cultural sector highlights included the gala opening of world-class art gallery Hauser, Wirth & Schimmel and the international design competition to re-envision historic Pershing Square, won by Agence Ter.

Q1 KEY STATS

$3.22 Average Class A Rent

Per Square Foot

92.5% Apartment

Occupancy Rate

4.6% Retail Vacancy Rate

140,067 SF Net Absorption in Q1

$213.82 Hotel Average Daily Rate YTD

881 New residential units broke ground in Q1

1,100 new hotel rooms proposed in Q1

Hauser, Wirth & Schimmel gallery opened in the Arts District

Industrious (Co-working) signed a new lease at 600 Wilshire

Bonnis Properties purchased the Foreman & Clark Building

Q1 KEY HIGHLIGHTS

Executive Summary

Civic & Institutional

Mixed-Use

Residential

TOTAL: $24.4 billion

Arts & Entertainment $1.5b

$4b

INVESTMENT IN DOWNTOWN LA Between 1999-2015

Commercial $1.2b

$6.8b

$9.4b

Figueroa Corridor/Expo Park $1.5b

$10b



Topaz

Broadway Palace

The BLOCPhotos by Hunter Kerhart



RESIDENTIAL• Over 850 residential units broke ground in Q1,

bringing the total under construction to almost 11,000.

• Two newly proposed residential projects will add 299

units to Chinatown and 154 units to South Park.

• Bonnis Properties, a Canadian investment firm,

purchased the famed Foreman & Clark building with

plans to reposition it as a residential property.

2,001 CONDO UNITS UNDER

CONSTRUCTION

Market Overview

Q1 2015 Q1 2014

Apartment Occupancy Rate 92.5% 94.1%

Apartment Asking Rent Per Square Foot $2.76 $2.57

Average Effective Rent Per Unit $2,548 $2,421

Condo Sales 40 57

Condo Price Per Square Foot $741 $626

Source: CoStar, The Agency

TEN50

RESIDENTIAL UNITS Before 1999 Since 1999Current

InventoryUnder

ConstructionTotal WhenComplete Proposed

Market Rate Rental 2,426 15,311 17,737 8,979 26,716 11,431

Condos 829 4,807 5,636 2,001 7,637 3,068

Affordable 8,371 3,776 12,147 0 12,147 253

Total 11,626 23,894 35,520 10,980 46,500 14,752

Estimated Population 60,739 18,776 79,515Estimated Population = #of units x 1.8 residents per unit x 95% occupancy rate

RESIDENTIAL INVENTORY



SIGNIFICANT REAL ESTATE SALES

Market OverviewOFFICE• As part of a $50-million makeover of U.S. Bank

Tower, owner OUE affixed an outdoor Skyslide to the 70th floor of the office building.

• Industrious signed an $8-million lease at 600 Wilshire, adding to the surging supply of co-working options Downtown.

• The office market saw another quarter of positive net absorption, with average rents up 8% year-over-year.

Q1 2015 Q1 2014

Vacancy Rate 17.2% 18.1%

Class A Rent Per Square Foot $3.22 $2.99

Overall Rent Per Square Foot $3.20 $2.97

YTD Net Absorption 140,067 -182,333

YTD Leasing Activity 646,788 646,302

Source: Cushman & Wakefield

Property Name Address Buyer Seller Price

915 Wilshire 915 Wilshire Blvd Lincoln Property Co. Brickman Associates $128.5 million

Foreman & Clark Building 404 W 7th St Bonnis Properties Kyung Ku Cho, M.D. $52.5 million

Loker Medical Arts Pavilion 1513 S Grand Ave Seavest, Inc. BCP Management, Inc. $21.8 million

The Milner Hotel 813 S Flower St Pacifica Hotel Co. Milner Hotels, Inc $20.4 million

2.8m SQUARE FEET OF OFFICE SPACE

UNDER CONSTRUCTION

190,000 PROPOSED

Wilshire Grand



HOTEL• Plans were announced for the Fig + Pico

Hotel, which will add 1,100 hotel rooms

adjacent to the Convention Center.

• AEG filed plans for a new 38-story tower

that will add 755 rooms to the existing

J.W. Marriot at L.A. LIVE.

• The market’s Average Daily Rate rose to

over $200, with RevPar up almost 20% over

last year.

RETAIL• The retail vacancy rate dropped significantly

while rents increased to $2.62 per sf.

• New leases included fashion retailer COS,

watch purveyor Shinola, and beloved New York

eatery Shake Shack.

• The opening of Dunkin Donuts added

another national brand to the mix of retail

along 8th Street.

1.9mSQUARE FEET OF RETAIL SPACE

UNDER CONSTRUCTION

1.1m PROPOSED

Q1 2015 Q1 2014

Vacancy Rate 4.6% 6.4%

Average Rent Per Square Foot $2.57 $2.62

YTD Net Absorption -34,347 101,294

Source: CoStar

Q1 2015 Q1 2014

YTD Occupancy Rate 80.2% 72.1%

YTD Average Daily Rate $213.82 $193.85

YTD RevPAR $171.52 $139.70

Source: LA Tourism and Convention Bureau

The BLOC

Market Overview

8,163HOTEL ROOMS

2,515 UNDER CONSTRUCTION

3,976 PROPOSED


Commercial Developmentn Existingn Under Construction/Renovationn Proposed As of 5/9/16

Opened or began construction in Q1


Residential Developmentn Existingn Under Construction/Renovationn Proposed As of 5/9/16

Opened or began construction in Q1



Project Name Address ResidentialUnits

Hotel Rooms

Office Sq. Ft.

Retail Sq. Ft.

Estimated Completion Developer

MAJOR MIXED USE

FINANCIAL DISTRICT

Wilshire Grand 900 Wilshire Blvd. = 900 350,000 45,000 2017 AC Martin

The BLOC 7th & Flower/Hope = = = 450,000 2015 The Ratkovich Company

Metropolis Francisco b/w 8th & 9th 1,310 C 350 = 65,000 2018 Greenland

HISTORIC CORE

Broadway Trade Center 8th & Broadway = 200 500,000 200,000 2017 Waterbridge

SOUTH PARK

Oceanwide Plaza 11th & Figueroa 540 C 183 = 180,000 2018 Oceanwide

RESIDENTIAL

ARTS DISTRICT

Garey Building 905 E. 2nd St. 320 = = 15,000 2016 Megatoys & Lowe Enterprises

950 E. Third 950 E. 3rd St. 472 = = 26,000 2017 Legendary Development

CHINATOWN

Da Vinci 909 W. Temple St. 230 = = 8,200 2016 GH Palmer Associates

Blossom Plaza 900 N. Broadway 240 = = 20,000 2016 Forest City Residential West

CITY WEST

Valencia 1501 Wilshire Blvd. 218 = = 4,500 2016 Astani Enterprises

6th & Bixel 611 S. Bixel St. 640 = = 25,000 2016 Holland Partners

1419 W. 7th 1419 W. 7th St. 87 = = 1,000 2016 Canfield Development

FASHION DISTRICT

Grether & Grether 730 S. Los Angeles St. 72 = = 11,000 2016 South Park Group

The Maxfield Building 819 Santee St. 96 = = 6,000 2016 Capital Foresight

FINANCIAL DISTRICT

888 Hope 888 S. Hope St. 526 = = TBD 2018 CIM

801 S. Olive 801 S. Olive St. 363 = = 10,000 2017 Carmel Partners

Onni Tower 820 S. Olive St. 589 = = 4,500 2017 Onni Group

HISTORIC CORE

939 S. Broadway 939 S. Broadway 163 = = TBD 2017 Barry Shy

Eighth & Spring 737 S. Spring St. 320 = = TBD 2017 Holland Partners

Singer Sewing Building 806 S. Broadway 7 = = TBD 2016 Anjac Fashion

Topaz 550 S. Main St. 159 = = 23,000 2017 Jade Enterprises

Broadway Palace Olympic & Broadway 686 = = 35,000 2016 GH Palmer Associates

Banco Popular 354 S. Spring St. 212 = = TBD 2017 Allen Gross

LITTLE TOKYO

Wakaba 2nd & San Pedro 240 = = 16,000 2016 Sares-Regis Group

Vibiana Lofts 222. S. Main St. 238 = = 4,000 2017 Holland Partners

Development: Under Construction




Hotel Rooms

Office Sq. Ft.

Retail Sq. Ft.

Estimated Completion Developer

SOUTH PARK

Circa 1200 S. Figueroa St. 648 = = 40,000 2018 David Y. Lee

TEN50 11th & Grand 151 C = = 5,700 2016 Trumark Urban

Hanover Olympic 924 S. Olive St. 263 = = 14,000 2016 Hanover

1001 Olive 1001 S. Olive St. 201 = = 4,000 2016 Lennar

Olive and Pico 1200 S. Grand Ave. 640 = = 42,000 2016 Wolf Partners

Mack Urban Phase 1 11th, Grand, Pico, Hill 362 = = 6,000 2017 Mack Urban

E on Grand 1249 S. Grand Ave. 112 = = 5,000 2017 4D Development

Onyx 500 W. Pico Blvd. 410 = = 42,000 2017 Jade Enterprises

Forest City 11H 156 W. 11th St. 171 = = 7500 2017 Forest City

Forest City 12B 1201 S. Main St. 214 = = 7500 2017 Forest City

1400 S. Figueroa 1400 S. Figueroa St. 106 = = 4,750 2017 DHG Family Trust

HOTEL

FINANCIAL DISTRICT

Freehand Hostel 416 W. 8th St. = 200 = = 2016 Sydell Group

Hotel Clark 426 S. Hill St. = 348 = = 2016 Chetrit Group

Embassy Hotel 851 S. Grand Ave. = 183 = = 2016 Chetrit Group

FASHION DISTRICT

The Proper (Case Hotel) 11th & Broadway = 151 = = 2017 The Kor Group

OFFICE/RETAIL

ARTS DISTRICT

500 S. Santa Fe 500 S. Santa Fe Ave. = = 65,000 12,000 2017 Chalmers

AT MATEO Mateo & Palmetto = = 50,000 130,000 2016 Blatteis & Schnur

Row DTLA (Alameda Square) 7th & Alameda = = 1,200,000 200,000 2016 Atlas Property

2045 Violet 2045 Violet St. = = 20,000 10,000 2016 DCM

The Ford Building 2060 E. 7th St. = = 271,000 = 2017 Shorenstein

4th & Traction 963 E. 4th St. = = 100,000 30,000 2016 Hudson Pacific Properties

FASHION DISTRICT

City Market South 11th & San Julian = = 30,000 100,000 2016 Peter Fleming

Harris Building 110 W. 11th St. = = 58,000 6,400 2016 Jade Enterprises

HISTORIC CORE

527 S. Broadway 527 S. Broadway = = 70,000 8,000 2016 King's Arch

BUNKER HILL/CIVIC CENTER

Federal Courthouse 2nd & Broadway = = = = 2016 GSA

TOTAL UNDER CONSTRUCTION10,980

ResidentialUnits

2,515 Hotel

Rooms

2,844,000 Office Sq. Ft.

1,877,000 Retail Sq. Ft.

TOTAL # OF PROJECTS =

50

C = Condo

Development: Under Construction



Development: ProposedProject Name Address Residential

UnitsHotel

RoomsOffice Sq. Ft.

Retail Sq. Ft. Developer

MAJOR MIXED USE

BUNKER HILL

Grand Avenue Project 2nd & Grand 450 300 47,000 209,000 Related California

FASHION DISTRICT

City Market 9th & San Pedro 945 C 210 TBD 225,000 Peter Fleming

SOUTH PARK

Mack Urban Phase 2 1120 S. Grand/1155 S. Olive 666 300 = 21,000 Mack Urban

1020 S. Figueroa 1020 S. Figueroa St. 650 C 250 = 80,000 Hazens

SoLA Village 1900-1933 S. Broadway 1423 208 = 30,000 PRH LA Mart

811 W. Olympic 811 W Olympic Blvd. 374 373 33,500 65,000 Ben Neman

RESIDENTIAL

ARTS DISTRICT

AMP Lofts 695 S. Santa Fe Ave. 320 = = 20,000 Bolour Associates

Industrial Street Lofts 1525 Industrial St. 360 = = 12,000 Camden

Alameda & 4th Lofts 360 S. Alameda St. 63 = = TBD South Alameda Development

1800 E. 7th St. 1800 E. 7th St. 125 = = 8,000 Elm Tree Investment

527 S. Colyton St. 527 S. Colyton St. 234 = = 13,400 Bolour Assoc

CHINATOWN

LA Plaza Cultura Village 400 W. Cesar E Chavez Ave. 345 = = 50,000 LA Plaza de Cultura y Artes

College Station 924 N. Spring St. 685 = = 40,000 Evoq

720 W. Cesar E Chavez 720 W. Cesar E Chavez 299 = = 8,000 Cimmarusti Holdings

CITY WEST

1027 Wilshire 1027 Wilshire Blvd. 376 = = 6,500 Central City Development

Sapphire 1111 W. 6th St. 362 = = 25,800 Jade Enterprises

1135 W. 7th St. 1135 W. 7th 241 = = 7,000 Pangea Development

675 S. Bixel 675 S. Bixel 422 143 = = United American Properties

FINANCIAL DISTRICT

Park Fifth 5th & Olive 312 = = 17,000 Macfarlane Partners

HISTORIC CORE

Hill Tower Lofts 920 S. Hill St. 239 C = = TBD Barry Shy

4th and Broadway 4th & Broadway 400 = = 7,000 Izek Shomof

Medallion 2.0 4th & Main 500 = = 38,000 Saeed Farkhondehpour

SB Omega 601 S. Main St. 500 C = = 25,000 Barry Shy

Title Insurance Building 433 S. Spring St. 250 = = 40,000 Capital Foresight

The Chelsea 216 W. Fifth St. 28 = = TBD Nick Hadim

955 S. Broadway 955 S. Broadway 250 C = = TBD Barry Shy

Beacon on Hill 4th & Hill 428 = = 2,900 Equity Residential

Spring St. Tower 525 S. Spring St. 360 = = 9,400 Downtown Management

950 S. Broadway 950 S. Broadway 30 = = 7,500 GH Palmer

Development: Proposed




C = Condo E= Estimated


Hotel Rooms

Office Sq. Ft.

Retail Sq. Ft. Developer

HISTORIC CORE (CONT.)

The Hill 940 S. Hill St. 232 = = 14,000 940 Hill LLC

732 S. Spring 732 S. Spring St. 308 = = 7,200 Holland Partners

The Alexan 850 S. Hill St. 305 = = 7000 Trammell Crow

INDUSTRIAL DISTRICT

Efficient City Apartments 721-813 E. 5th St. 160 = = 10,000 Dayan Investments

LITTLE TOKYO

Etco Homes 118 Astronaut Ellison S. Onizuka St. 66 = = TBD Etco Homes

SOUTH PARK

Onni Towers 1212 S. Flower St. 730 = = 8,000 Onni Group

1133 Hope Tower 1133 S. Hope St. 208 C = = 5,000 Amacon

12th and Grand 1201 S. Grand Ave. 126 C = = TBD City Century

916 Georgia St 916 Georgia St. 29 = = TBD TRG

Apex Phase II 900 S. Figueroa St. 341 = = 15,000 Holland Partners

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 Jade Enterprises

Grand Residences 1233 S Grand Ave. 150 C = = 5,000 City Century

HOTEL

FASHION DISTRICT

Dart Hotel 820 S. Spring St. = 14 = = Juan Pablo Torre

NoMad Hotel 515 W. 7th St. = 241 = = Sydell Group

HISTORIC CORE

419 S. Spring 419 S. Spring St. = TBD = = PNK Group

Lizard in Los Angeles 631-633 S. Spring St. = 176 = = Lizard Capital

JEWELRY DISTRICT

Foreman & Clark 701 S. Hill St. = 165 = = Young Ju Kwon

SOUTH PARK

JW Marriott Expansion Olympic & Georgia = 755 = = AEG

1130 S. Hope 1130 S. Hope St. = 44 = = Kevin Burke

Fig+Pico Figueroa St. & Pico Blvd. = 1100 = 20,000 Lightstone

OFFICE/RETAIL

ARTS DISTRICT

SoHo House 1000 S. Santa Fe Ave. = = TBD TBD SoHo House

929 E. 2nd St 929 E. 2nd St = = 65,000 32,000 E Est4te Four Capital

JEWELRY DISTRICT

718 S. Hill 718 S. Hill St. = = 45,000 7,000 Urban Blox

TOTAL PROPOSED14,752

ResidentialUnits

3,976 Hotel

Rooms

190,000 Office Sq. Ft.

1,108,000 Retail Sq. Ft.

TOTAL # OF PROJECTS =

54




PROPOSED1020 S. FIGUEROA

Developer: HazensAt a cost of $700 million, Downtown’s latest mega-project in South Park will have 650 condos, 250 hotel rooms, and

80,000 square feet of retail.

UNDER CONSTRUCTIONWILSHIRE GRAND CENTER

Developer: AC MartinAt 73 stories, this $1 billion undertaking in the Financial

District will be the tallest building west of the Mississippi and the first new office tower in Downtown in over 30 years

when it opens in 2017.

UNDER CONSTRUCTIONOCEANWIDE PLAZA

Developer: OceanwideAcross from Staples Center and L.A. LIVE in South Park, this $1 billion project will include 540 condos, 183 hotel rooms,

and almost 200,000 square feet of retail.

UNDER CONSTRUCTIONMETROPOLIS

Developer: GreenlandThis $1 billion project in South Park will include 1,310

condos, a 350 room Hotel Indigo, and over 60,000 square feet of retail to be completed 2016-2018.

Featured Projects: Major Mixed Use



OPENED IN Q1Name Neighborhood Description

Arthouse Arts District Industrial conversion to 53 live/work lofts

353 S Broadway Historic Core Renovated and revitalized creative office space

Hauser Wirth & Schimmel Arts District 100,000 SF world class art gallery

Featured Projects: Residential

UNDER CONSTRUCTION801 S. OLIVE

Developer: Carmel PartnersAcross the road from their just-opened eighth and

grand project, Carmel Partners has begun construction on this 33 story tower in the Financial District with 363

apartments and 10,000 square feet of retail.

UNDER CONSTRUCTIONOLIVE & PICO

Developer: Wolff PartnersWith 640 apartments and 42,000 SF of retail space, this is one of four projects under construction along

Pico Blvd in South Park.

UNDER CONSTRUCTIONEIGHTH & SPRING

Developer: Holland PartnersThe first of several new high-rise projects in the

pipeline near the Historic Core, this development will have 320 residential units and significant ground

floor retail space.



Q1 SELECT LEASESTenant Building Address Sq. Ft.

Orrick Herrington 777 Tower 777 S. Figueroa St. 65,633

RSM McGladrey City National Plaza 515 S. Flower St. 50,970

All Def Digital 1212 Building 1212 S. Flower St. 26,218

Industrious 600 Wilshire 600 Wilshire Blvd. 18,853

Featured Projects: Office

UNDER CONSTRUCTIONROW DTLA

Developer: Atlas CapitalThis massive undertaking in the Arts District will transform 1.5 million SF of industrial space into a creative office and

retail destination.

UNDER CONSTRUCTIONBROADWAY TRADE CENTER

Developer: Waterbridge CapitalWith over 1 million square feet of space that

has been vacant for years, this project will transform almost a full city block at Broadway and 8th in the Historic Core.

UNDER CONSTRUCTION4th AND TRACTIONDeveloper: Hudson Pacific

The former Coca-Cola bottling facility in the Arts District is being revitalized into a high-design creative space with

luxury amenities.

UNDER CONSTRUCTIONFORD FACTORY

Developer: ShorensteinScheduled to open in 2017, the former Ford Factory in the Arts

District is being revitalized into a state-of-the-art 250,000 square foot office destination for creative and knowledge-sharing companies.



Resident

The Wheelhouse

Spring

Spread

Mega BodegaKnead & Co. Pasta Bar + MarketUgo CaféDunkin’ Donuts

EJ’s Bites

Impresso

The Chairman

Officine Brera

Garçons de Café

Craft Pizza & Chicken

Birdies

Hennessey and Ingalls

Featured Projects: Retail

UNDER CONSTRUCTIONTHE BLOC

Developer: The Ratkovich CompanyIn 2015, the roof came off the former

Macy’s Plaza, which will re-open in 2016 as an open-air, pedestrian-friendly retail center anchored

by a completely renovated Macy’s flagship store in the Financial District.

UNDER CONSTRUCTIONAT MATEO

Developer: Blatteis & SchnurThe largest retail project in the Arts District will feature

open-air pedestrian walkways and architecture that reflects the industrial surroundings.

UNDER CONSTRUCTIONCITY MARKET SOUTH

Developer: LENA GroupOriginally 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.

Q1 SELECT RETAIL OPENINGS



Featured Projects: Hotel

UNDER CONSTRUCTIONNOMAD HOTEL

Developer: Sydell GroupThis renovation of historic

Giannini Place is the second project from the Sydell

Group within one block, with construction already underway

on their Freehand Hostel.

UNDER CONSTRUCTIONTHE LA PROPER

Developer: KOR GroupSituated south of the Ace Hotel,

this historic conversion in the Fashion District promises to expand the boundaries of Broadway’s revival.

PROPOSEDJW MARRIOTT EXPANSION

Developer: AEGFormerly proposed as a Renaissance Hotel, AEG has chosen to move forward with an expansion that will bring over 700 rooms and a pedestrian

bridge for better access to the Convention Center.

2015 DTLA TOURISM DATA FROM L.A. TOURISM & CONVENTION BOARD

18.9mTotal number of visitors

to DTLA

1.3mTotal number of

hotel guests in DTLA

4.4 Average number of days staying in a hotel in DTLA

$84.50Average daily spend per person in DTLA



UNDER CONSTRUCTIONEXPO LINE EXTENSION

Developer: MetroThis light rail line is already a massive success from 7th/Metro Center to Culver City. The extension to

Santa Monica, opening on May 20, promises to reshape how people think about transit and create new opportunities for Downtown and connections

to the Westside.

UNDER CONSTRUCTIONREGIONAL CONNECTOR

Developer: Metro This 1.9-mile underground light rail extension set to

open in 2020 will provide a one-seat ride for north/south and east/west travel across Los Angeles County through

the heart of Downtown.

UNDER CONSTRUCTION6th STREET VIADUCT

Developer: City of Los AngelesThe iconic Sixth Street Viaduct is being demolished

and replaced. The new bridge’s community features will enhance the vital connection between the growing Arts District on the west side of the Los Angeles River and

historic Boyle Heights on the east side.

UNDER CONSTRUCTIONLA STATE HISTORIC PARKDeveloper: California Department

of Parks and RecreationThis 32-acre park adjacent to Chinatown is undergoing a multimillion-dollar renovation including new permanent facilities, pathways, and unique spaces for public events.

Featured Projects: Civic & Cultural



2/22/16MASSIVE CONVENTION CENTER HOTEL PLANNED IN SOUTH PARK A new proposal for a mixed-use complex would bring approximately 1,000 hotel rooms to a parking lot on Pico Boulevard

between Figueroa and Flower Streets. The project, which would take the form of two high-rise towers, would also include

ground-level retail space, parking, sky lobbies and amenities for hotel guests. — urbanize.LA

3/1/16GLASS SLIDE SUSPENDED FROM 1,000 FEET UP? IT’S COMING TO U.S. BANK TOWER IN DOWNTOWN L.A.Thrill seekers will be able to slide from the 70th floor to the 69th floor, a ride that will cost $8. The unique experience

is part of a $50-million makeover of the 72-story building that includes an observation deck and bar on the top floors.

— Los Angeles Times

3/13/16THREE-YEAR WILSHIRE GRAND BUILD REACHES A NEW MILESTONE: ‘TOPPING OUT’ The ceremony, known as the “topping out,” is a tradition for high-rises and includes sending an American flag and

a small fir tree to the highest point. — Los Angeles Times

3/23/16NEW PLAN SEEKS TO IMPROVE BIKE AND PEDESTRIAN SAFETY IN DOWNTOWN LOS ANGELES DTLA Forward aims to use street configuration to better suit pedestrians and bikers in a car-heavy city.

— NBC Los Angeles

3/25/16NEW COMMANDER TAKES HELM AT CENTRAL DIVISION After nearly 29 years with the Los Angeles Police Department, Capt. Howard Leslie is starting his new position as

commander of LAPD’s Central Division. He took over the position on Sunday, March 20. — Downtown News

3/31/16‘PAPER AIRPLANE’ SHADE STRUCTURE COMING TO GRAND PARK In a few months, visitors to Grand Park can expect to see a fleet of what appears to be giant paper airplanes flying

above them. In addition to being unique to look at, they’ll help keep things cool. — Downtown News

Spotlight on DTLA: Local Media


23

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.

SEPTEMBER 2015WHY EVERYONE SHOULD STAY IN DOWNTOWN L.A.

“Thanks to an influx of exciting restaurants and bars, as well as the arrival of L.A. Live, Downtown L.A., affectionately called DTLA, is becoming a must-visit neighborhood in Los Angeles, even for Angelenos.”

MAY 2015LOS ANGELES AND ITS BOOMING CREATIVE CLASS LURES NEW YORKERSLong a gritty urban backwater, Downtown has become a trend factory, brimming with Beaux-Arts loft condos, galleries,

groundbreaking restaurants like Baco Mercat and, inevitably, a new Ace Hotel to serve as “Portlandia” south

DECEMBER 2014 10 TOP DESTINATIONS TO VISIT IN 2015

“Exciting new hotels like the Ace, stores like Acne Studios and food venues like the revamped Grand Central Market – in addition to the recently completed $3 billion sports and entertainment complex known as LA Live – have injected downtown with a jolt of energy that’s helped lure visitors and residents away from LA’s sunny

perimeter and into its urban core.”

JANUARY 2014 AMERICA’S NEXT GREAT CITY IS INSIDE LA

“The new capital of cool in the US…America’s new great city.”

Downtown Center Business Improvement District


Spotlight on DTLA: US & Global Media

PLEASE CONTACT THE DCBID WITH ANY QUESTIONS YOU MAY HAVE.NICK GRIFFINDirector of Economic Development (213) [email protected]

ELAN SHOREEconomic Development Associate Research and Special Projects(213) 416 [email protected]

JULIA MARINOEconomic Development Associate(213) 416 [email protected]

q1 2016 - downtown la · with strong momentum and positive trends . ... with 4,000 units due to...

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