Proposed Megaproject the Latest to Redefine Los Angeles' Core
"An Arts District cold-storage plant dating to the 1890s would be replaced with housing, offices, a hotel and shops in a proposal unveiled Thursday by Denver developers," reports Roger Vincent. "With a price tag between $1.5 billion and $2 billion, the complex would rank among the largest L.A. commercial real estate developments in recent memory."
The article presents the massive development proposal as evidence that developers are pushing ahead with the ongoing renaissance of Downtown Los Angeles and surrounding neighborhoods—despite lingering questions about the effect of the pandemic on office work in the central business district.
The developer, Continuum Partners, would add ten new buildings including a residential skyscraper at Central Avenue and 4th Street on the edge of the quickly redeveloping Arts District neighborhood to the east of Downtown Los Angeles. According to Vincent, the "historically industrial neighborhood dotted with art galleries, apartments and buzzy restaurants […] has become increasingly attractive to tech and entertainment companies including Apple TV, Sony and Warner Music."
The four-acre Fourth & Central project would require the relocation of Los Angeles Cold Storage Co. (the deal is a partnership between Continuum and Los Angeles Cold Storage), despite the ongoing strength of the cold storage business in Los Angeles. In Los Angeles Cold Storage's place, the development would add "572 condominiums and 949 apartments, with 216 units set aside for residents with low incomes paying reduced rent," according to Vincent. A hotel and office space tailored to creative industries would also be included. More details on the proposed development are included in the source article.