Downtown Turns Up the Heat
Downtown LA remains hot and keeps getting hotter, with renewed interest in condo development, says Loeb & Loeb partner Paul Rohrer (here with daughter Mimi). Paul explains that rents remain high, motivating buyers to move into condos if financing is available. Paul adds that Millennials continue to locate near public transit and insist on walkable neighborhoods—such as those found Downtown. He adds that while all of Downtown is hot, the Arts District has emerged as one of hottest sub-districts in the country. However, with the city in the process of issuing a draft ordinance shaping how development is done in the Arts District, there is uncertainty in the development community as to what the rules are going to be going forward. Currently, developers and lawyers are working with the Planning Department to shape those rules so that they encourage, not slow down, development. Paul also notes that South Park has become an established residential neighborhood with more new projects commencing. For more info on our Bisnow partner, click here. Check out Paul at our upcoming Future of Downtown event, Tuesday, July 21 (register today).
