Working To Make DTLA Even More Vibrant
A lot of strides have been made in DTLA in recent years, according to Central City Association CEO Jessica Lall.
The organization now has a vision for an even brighter downtown.
"We see downtown as the region's center for growth, and we are committed to creating an environment that will attract new businesses and jobs and also support those creative industries already here," Lall said.
DTLA can provide assistance where the city's housing crisis is concerned, according to Lall.
"We, too, see downtown as playing a critical role in solving our city's housing crisis," she said. "We see downtown as a place for new housing at all income levels."
There is a network of transit to support the density in DTLA.
The CCA also plans to advocate for policies that encourage the building of new multifamily housing and housing for families, retirees, singles and people from all stages of life, she said.
Lall said it is hard to talk about housing without talking about the city's homeless crisis.
The CCA has been advocating for affordable housing and plans to attend a scheduled meeting of the LA City Council's Planning and Land Use Committee on June 6.
Callahan Capital Properties President and Chief Financial Officer Michael Colleran welcomed the panelists and around 280 attendees to last week's Bisnow LA Downtown Renaissance event.
The company hosted the event at the former office of Nasty Gal at PacMutual Plaza.
Some of the panelists, representing some of the hottest multifamily projects in DTLA, including Ten50, the Eighth & Grand apartment complex and Park Fifth, said DTLA is primed for even more growth and opportunities.
"One of the things we're seeing downtown is it's way past the tipping point of people saying this is a great place, and there are a lot of great things to do," Trammell Crow Senior Vice President Jim Andersen said.
He began to look at DTLA about 15 years ago as a result of Staples Center and increased activity in South Park.
Polaris Pacific Director Rhonda Slavik said a segment of the market in DTLA was being underserved — a segment Ten50 addressed.
Ten50 is now 80% sold in 14 months.
"It's exceeded absorption, price per square foot goals, price point goals, and the demand is not slowing," Slavik said.
In the end, everyone banning together is what will help ensure the success of DTLA, according to MacFarlane Partners President Kenneth Lombard.
"I think as the downtown association does their work, as the City of LA continues to do their work trying to attract additional corporations that want to relocate or locate in DTLA and bring those jobs — very much like what we're seeing in Silicon Beach right now— that's what we've got to see downtown," Lombard said.
