Downtown LA Sees Signs of a Development Boom
Carol Schatz is President and CEO of both the Downtown Center Business Improvement District (DCBID) and the Central City Association (CCA) of Los Angeles. She has had a crucial hand in the decades-long revitalization of Downtown LA, including initiating the Adaptive Reuse Ordinance that led to the conversion of industrial spaces into lofts and live-work spaces. The Planning Report spoke to Schatz with questions about the state of the Downtown housing market; the key neighborhoods, players, and aims of continuing development; and Downtown LA's future as a self-sufficient, 24-hour community.
The tight rental market in Downtown Los Angeles has prompted a wave of new residential developments across the neighborhood. As Schatz notes, "when you're talking about a 98 percent occupancy rate with the rents that I just gave you, that obviously is enticing to developers who see a growing market." The development trend further illustrates the growing interest in downtown living, as people choose transit-oriented, 24-hour amenities over extra space.
Thanks to Kevin Madden