3 Transformative DTLA Developments Slated to Open in October
The year has just begun, but DTLA is already in the hunt for October. Blogger and real estate expert Brigham Yen tells Bisnow the openings will add to a growing critical mass in DTLA.
1. THE BLOC
- 700 S Flower St
- Ratkovich Co
- $200M
The massive reno planned for Macy's Plaza includes 750k SF of office, in addition to 400k SF of retail and commercial space. Another phase calls for an overhaul of the old Sheraton Hotel on the site. It's one of LA's 5 Biggest Office Developments. By the way, the project recently announced some sexy new tenants.
2. THE BROAD
- 221 S Grand Ave
- Eli Broad
- $140M
Designed by Diller Scofidio + Renfro, the 120k SF building will showcase the contemporary art from billionaire Eli Broad. The museum also will be the HQ of the Broad Art Foundation's lending library. The museum is an example of what Brigham says is DTLA's transformation to include not just practical needs and entertainment, but also culture.
3. WHOLE FOODS
- 770 S Grand Ave
- Carmel Partners
- $63M Acquisition
For those that have already relocated to DTLA and its snazzy residential offerings, the Whole Foods is a welcome addition. Carmel picked up the entitled project from known developer Sonny Astani in June 2012 for $63M, but development costs have never been released. The 42k SF Whole Foods signed an anchor lease for the 700-unit 8th and Grand project well over a year ago. By the way, Sonny recently broke ground on his 280-unit mixed-use project at 5550 Hollywood.
