Downtown LA Sees Signs of a Development Boom

Carol Schatz, President and CEO of the Central City Association (CCA) of Los Angeles, discusses Downtown LA's reemergence as one of the hot development and rental markets in Southern California, reflecting a national trend as the economy recovers.
October 12, 2012, 12pm PDT | Kevin Madden
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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

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Published on Thursday, October 11, 2012 in The Planning Report
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