Downtown in the News
DOWNTOWN LOS ANGELES — Several interesting Downtown mentions in the news today. Reuters talks Asian interest in Downtown purchases, and the Times touches on Downtown's surging office market.
First up, Reuters runs a piece on Koreans purchasing in Downtown, taking a look at how the super-high cost of living in Asia has made Downtown LA an affordable place to buy. Two quotes of note:
Korea's largest real estate development company, Shin Young, is buying a parcel of downtown land for a 334-unit condominium building.
I'm not sure what parcel that would be. Also:
[Park Fifth], to be completed in 2010, has been in presales for just over two months and 50 percent of the units have been sold, according to developers.
Cipolloni recalled a gathering hosted by a Korean agent that resulted in 40 people each putting down $10,000 deposits to reserve units in Park Fifth.
Next, the LA Times takes a look at Downtown's surging office market. The story focuses on City National Plaza, which just a few years ago was 80% vacant. Today it's approaching full occupancy.
A mention gets made of Maguire's proposed office tower at 7+Fig.
The real estate investment trust's announcement last year that it was planning a building on Figueroa Street was greeted with skepticism, but Flaherty insisted the project was on track.
"We continue to work on it as a very real project," he said. "If the market stays on course, we could break ground within two years."
Of course two years is a long time, and Maguire has previously announced that proceeding with plans was contingent on getting enough potential tenants signed up before breaking ground.
LAofAnaheim on October 29, 2007, at 11:30AM – #1
Personally, the reason for the resurgence in the office market is heavily due to Metro. I have to travel around the county for work, and people complain about driving. And now, people would PREFER to work downtown b/c they can take trains. Something you cannot do for the westside, valley, etc... Most of the Companies left downtown b/c there was no alternative to the roads. I hear people always say "I wish I could take Metro". And, also a big shout-out to Metrolink too!
MetroRapid on October 29, 2007, at 09:49PM – #2
MetroRapid serves the Westside! (Except most people on that side of town think it is beneath them to work Downtown -- let alone find out how easy it is to use the bus.)
The studies showing 90071 as having the highest salaries in the area don't seem to sink it in either. But who needs details when you can have star sightings?
Downtown will continue to attract people moving to Los Angeles because of the concentration of mass transit options.
People living Downtown and commuting out of Central City is happening more than most realize too.