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The Evolving City of Los Angeles (Robert Jernigan) - ULI fall meeting - 102711
 

The Evolving City of Los Angeles (Robert Jernigan) - ULI fall meeting - 102711

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    The Evolving City of Los Angeles (Robert Jernigan) - ULI fall meeting - 102711 The Evolving City of Los Angeles (Robert Jernigan) - ULI fall meeting - 102711 Presentation Transcript

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    • DOWNTOWN LOS ANGELES “ What’s Up Downtown?!” © Nelson and Sixta
    • Reinventing Downtown © Nelson and Sixta
      • Catalytic Projects – Civic/Cultural Developments
        • Staples Center / L.A. LIVE / Farmers FIeld
        • Cathedral of Our Lady of the Angels
        • Walt Disney Concert Hall
        • Broad Museum & Civic Park
        • Transportation projects
        • Police Administration Building
        • New hotels & offices
        • Retail & hospitality
      • Downtown Los Angeles Business Improvement Districts
      • Housing
        • The Adaptive Re-use Ordinance
      • The Political Championship of the Importance of Downtown
    • 5-Year Aggregate BID Budgets © Nelson and Sixta TOTAL: $92.45 M Over 5-year period
    • Investment in Downtown LA 2000-Present © Nelson and Sixta Includes money secured for projects starting or approved for construction through 2011
    • How Many People Live, Work & Play in Downtown? © Nelson and Sixta 46,414 RESIDENTS (148% increase from 1999) 500,000+ EMPLOYEES 17.5+ MILLION ANNUAL VISITORS
    • Demographic Profile of the Downtowner * © Nelson and Sixta
    • Demographic Profile of the Downtowner * © Nelson and Sixta
    • Residential Market
    • Downtown Los Angeles Housing Map Before 1999
    • Downtown Los Angeles Housing Map After 1999
    • Housing Units Chart 3Q 2011
    • Office Market Downtown CBD is comprised of: 54 buildings 27.3 million square feet
    • Industries in Downtown
      • Which industries have left Downtown?
      • Energy (BP, Unocal, Standard Oil)
      • Manufacturing
      • Which industries have come Downtown during the last decade?
      • Technology (Microsoft)
      • Creative
        • Architecture (Gensler, RTKL, NBJJ Architects, Altoon & Porter, Thomas P. Cox Architects)
        • Design firms
      • Which industries will see growth in Downtown?
      • Healthcare
      • Education
      • Banking
      • Entertainment
      • Retail   
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    • Major Relocations to the CBD Recent Last 5 Years
    • Retail Market Takami & Elevate Chaya The Farm (L.A. LIVE) Café Pinot Drago Centro Bottega Louie
    • 7 th Street Retail Strategy
      • Implemented by the DCBID and stakeholders
      • Revive 7 th Street between Figueroa and Main Streets
      • Focus on recruitment of unique, independent retailers
      • Build on strong hospitality base of restaurants and bars
    • Since the start of the Downtown LA Renaissance: 179 hospitality & nightlife businesses 17,600 hospitality & nightlife jobs With the help of the DCBID’s Downtown LA Demographic Study 2008, Target signed the largest national retail deal in Downtown in 25 years at Ernst & Young Plaza at 7+FIG. Hospitality & Nightlife Businesses
    • Ralphs Fresh Fare
      • Opened July 20, 2007
      • 50,000 SF
      • Top 1% of performing stores in chain.
      • Over $850,000 per week in sales.
      • #1 service deli in the 265-unit chain.
    • The Future
    • Farmers Field Football Stadium & Event Center
      • Naming rights: Farmers Field
      • State-of-the-art event center connected to the Convention Center
      • Privately-funded $1 billion
      • 68,000 seats (expandable to 78,000 for special events) with retractable roof
      • Total new Event Center would be 1,700,000 gross SF
      • Projected to create 25,000 new jobs
      • Will make Downtown a premium
      • Convention hotspot
      • Goal is to finish in 2015 and host 50 th
      • Super Bowl in 2016
      • Must negotiate with a team to relocate
    • FIGat7TH (formerly 7+Fig)
      • 3-level 330,000 SF open air shopping center
      • $40 M
      • 2.5-acre open air plaza above shopping center
      • Pedestrian traffic at the corner of 7 th and Figueroa can reach up to 20,000 people per hour
      • In 2010, Target inked a deal to anchor FIGAT7TH
      • Brookfield and Charles Dunn are working on bringing in other national and regional retailers to the FIGAT7TH retail center
      • FIGAT7TH is currently under construction, and many restaurants will remain open during this time
      • EXPECTED OPENING: 2012
    • Korean Air Project
      • 2.5 million-square-foot project will replace 3.2-acre Wilshire Grand
      • Expected to generate over 12,000 jobs
      • 40-story tower of 560 luxury hotel rooms and 100 residences
      • 60-story tower of the first new office building in two decades
      • Will generate millions in tax dollars
      • 18,000 SF landscaped park at 7 th & Figueroa, ground-floor retail, and accommodate 1,700 parking spaces
      • Will be a LEED-certified project
      • Developer: Thomas Properties Group
      • Architectural Firm: AC Martin Partners
      • EXPECTED COMPLETION: 2015
    • Transit
      • Downtown Regional Connector (proposed, unfunded)
        • Intended to link the Blue and Expo light rail lines with the two parts of the Gold Line
      • Metro Gold Line Eastside Extension
        • Directly connects to existing Metro Gold Line to Pasadena without passengers having to transfer
        • 6-miles long
        • $898 M
        • Total new stations: 8
        • Completed: 4Q09
      • Exposition Light Rail
        • Will connect Downtown LA to Culver City and eventually to Santa Monica
        • Under construction, scheduled to complete in 2011, TBD
        • $631 M
        • 9.6-mile line
        • 9 new stations
      • Westside Extension Project (“Subway to the Sea”)
        • Will extend Purple Line to the Westside
        • Currently in final stages of planning process
        • Will provide high-capacity, high-speed, dependable alternative for travel to key destinations such as: Miracle Mile, Beverly Hills, Century City, and Westwood, including UCLA campus
        • $4.36 B
        • Could start construction in 2013 with possible completion in 2022
        • UPDATE: Metro is planning on releasing its final station placement recommendation
    • Private Schools
      • DCBID is in the process of recruiting private schools (K-12) to Downtown
      • Parents will commute with students to Downtown private schools
      • Families will stay in Downtown LA
        
    • DOWNTOWN LOS ANGELES THANK YOU! © Nelson and Sixta
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    • GRAND AVENUE PROJECT
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