Revitalization and Development in Downtown Los Angeles!
Just a little over a decade ago, Downtown Los Angeles (DTLA) was merely a sleepy office district, where tens of thousands of office workers would go to work during the day and clear out by dusk. Many of the classic Beaux-Arts and Art Deco buildings were abandoned and sat empty. The area didn't even have a grocery store until Ralphs opened approximately 10 years ago.
Today, you see cranes and construction around every corner of the 5.85 square mile area, and the nightlife is bustling with new restaurants and bar openings every month. New buildings are being constructed, existing structures are being renovated, and the public transportation continues to be expanded and improved.
There is a new generation of residents living in DTLA now, and they love the urban lifestyle, the walkability, and the lack of commute to work. According to the business improvement district's year-end market report in 2018, the current construction projects will add more than 7,000 new residential units, and over 35,000 are in the works. Additionally, almost 3 million square feet of office space is under construction and another 3.3 million square feet is in the pipeline.
With the Olympics coming to Los Angeles in 2028, the pace of development and construction over the next 10 years will likely continue to grow. The city's long term vision projects 125,000 residents, 70,000 residential units, and 55,000 jobs in the area by 2040.
Downtown Los Angeles seems to be a great long term investment in 2019 and there is so much opportunity for growth.
Contact me via phone/text at (310) 717-1321 or email at JamieTian@gmail.com if you are interested in finding more about property values in Downtown LA!