The Loft Life In Downtown Los Angeles

Loft living in downtown Los Angeles transitions from an eclectic urban lifestyle to a real estate investment, as loft amenities and prices soar.
November 23, 2005, 7am PST | Chris Steins | @urbaninsight
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"The recent wave of downtown residents began about six years ago and consisted mostly of renters taking a chance on the first crop of converted lofts in the Old Bank district. They were lured by reasonable rents and the prospect of living in an urban environment.

But much of the residential development since has been condos, changing downtown's residential population. With prices rising, many new residents are making a bet that downtown will continue to gentrify, homelessness and crime will decline and more upscale retail shops will open. In other words, they see living downtown as an investment.

...Indeed, the days of the spartan industrial loft are over. Developers say downtown buyers are demanding high-end amenities, including rooftop pools, 24-hour doormen-security guards and elaborate gyms.

Urban planners say Los Angeles' demographic shift is similar to changes seen in urban neighborhoods in San Diego, Denver, Chicago and Washington, D.C."

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Published on Tuesday, November 22, 2005 in The Los Angeles Times
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