LA Downtown Renaissance Recap
June 5th, 2017 / Downtown Los Angeles
In recent years, Downtown Los Angeles has seized the spotlight in the city’s development story, emerging as the most anticipated reinvented district. The Central City Association had played an instrumental role in the urbanization of Downtown, led by CEO Jessica Lall, who at last week’s Bisnow DTLA Renaissance Event presented key initiatives for building an even brighter downtown. In addition to attracting new business and increasing jobs, a major focal point in the development and cultural rebirth of the downtown area has been the strengthening of its housing market.
Polaris Pacific’s Director Rhonda Slavik brought attention to DTLA’s most underserved segments, driving the conversation towards new construction. Fellow panelists from various major DTLA multifamily projects, including the Eighth & Grand apartment complex and Park Fifth, weighed-in on their respective developments aimed to meet the needs of DTLA’s increased buyer interest. Close attention was paid to the success story of Trumark Urban’s TEN50, now 80% sold in 14 months. Rhonda noted the project has “exceeded absorption targets, price per square foot goals, price point goals, and the demand is not slowing.”
In closing, MacFarlane Partners President Kenneth Lombard suggested a collaborative effort from all parties is what will “help ensure the success of DTLA.”