LOS ANGELES | Downtown Project Rundown 6.0

[craigs]

To whomever did the housekeeping in this thread, I appreciate it.

[Quixote]

I think Downtown has made enough of a leap in the last 25 years for it not to continue along an upward trajectory, even if it has regressed a bit post-pandemic. Twenty-five ago, there was no subway to Hollywood, let alone rail to USC, Culver City, Santa Monica, Pasadena, etc.

Downtown is centrally located within LA County, and is already the hub of an extensive commuter rail system with loads of potential. The arrival of HSR (CAHSR and Brightline West) will give Downtown unprecedented regional, intrastate, and interstate connectivity.

The desirable Westside continues to remain out of reach even for most working professionals with six-figure incomes, and the NIMBYism and limited growth potential (relative to Downtown) do no favors. This is before even mentioning that tastes have also changed. You now have homes in Echo Park selling for $2 million, where just 10 years ago $700K set a new record.

The trend is clear: In the last 25 years, the city's center of gravity has shifted eastward and become more urban. And as LA continues to go the "urban route," Downtown will continue to be relevant and indispensable to the conversation.

[scania]

Very well said!!!

Also, has there been any news about the auction for Oceanwide?

[craigs]

Originally Posted by Quixote

I think Downtown has made enough of a leap in the last 25 years for it not to continue along an upward trajectory, even if it has regressed a bit post-pandemic. A half-century ago, there was no subway to Hollywood, let alone rail to USC, Culver City, Santa Monica, Pasadena, etc.

Downtown is centrally located within LA County, and is already the hub of an extensive commuter rail system with loads of potential. The arrival of HSR (CAHSR and Brightline West) will give Downtown unprecedented regional, intrastate, and interstate connectivity.

Continuing to build thousands of new homes downtown will constitute a tide that raises all boats. New residents will want more restaurants, bars, drugstores, grocery stores, etc. I could even see downtown office towers becoming more desirable to businesses as more downtown residents choose jobs that allow them to walk, bike, or take transit to work rather than battle traffic.

The desirable Westside continues to remain out of reach even for most working professionals with six-figure incomes, and the NIMBYism and limited growth potential (relative to Downtown) do no favors.

This is before even mentioning that tastes have also changed. You now have homes in Echo Park selling for $2 million, where just 10 years ago $700K set a new record.

Yeah, the Westside was always pricey relative to points east--but rents and sale prices increased astronomically in the 20 years I was gone. I rented in West LA/Sawtelle when I was in college, but there's no way I could swing it today. And I don't see any way that will change for the better.

The trend is clear: In the last 25 years, the city's center of gravity has shifted eastward and become more urban. And as LA continues to go the "urban route," Downtown will continue to be relevant and indispensable to the conversation.

Downtown is the only part of the region that can plausibly add tens of thousands of new homes. And doing so makes total sense, not only because we desperately need new homes, but also because downtown is walkable and bikeable and, in terms of public transit, the best-connected area in Southern California. From a planning perspective, it is the most logical place to grow the population.

[craigs]

The end of Hahn Hall? L.A. County takes first step to buy Gas Company Tower


L.A. County’s Board of Supervisors took its first major step Tuesday toward buying Gas Company Tower, right, in downtown Los Angeles. (Myung J. Chun / Los Angeles Times)

Roger Vincent and Rebecca Ellis
Los Angeles Times
October 8, 2024

L.A. County’s Board of Supervisors took its first major step Tuesday toward buying Gas Company Tower, one of the most prominent office skyscrapers in downtown Los Angeles. The looming purchase could move workers and public services out of existing county offices, including the well-known Kenneth Hahn Hall of Administration, which dates to 1960. The building is one of roughly 33 county-owned facilities that engineers say are vulnerable to collapse during a major earthquake.

The supervisors voted 3-1 to let the county’s Chief Executive Office move forward with the purchase, which they said cannot exceed $200 million. The board will need to vote again before the deal is finalized.

Supervisor Janice Hahn voted against the purchase, telling her colleagues she was concerned about the fate of the downtown civic center if the Hall of Administration shut down. The building is named after her father, longtime Supervisor Kenneth Hahn. “I know there’s a tendency to jump on real estate deals,” she said. “We have to think bigger.”
. . . .

Note: Supervisor Solis abstained from voting.

[DJM19]

I do think the future of the civic center should be considered. Which is why some of that civic center property should be sold to whoever will build a ton of housing on it.

I know some would rather make the park bigger, and maybe some of that area could be devoted to making the park more accessible to the sides. But making the park bigger will not activate the civic center. More locals will. Especially if we are getting rid of what officer workers are still there.

[DTLA Worker]

Hey Guys,

Checking in and hope everyone is having a good year. Any update on the large development that was supposed to happen near Angels Landing? Checked a few pages and didn't see anything. Would love to know if that is still planned.

Hope you guys enjoy the upcoming holidays!!

[nmkef]

Originally Posted by scania

Very well said!!!

Also, has there been any news about the auction for Oceanwide?

Based on court fillings as of 9/27ish, "active negotiations with multiple Bidders" and they've decided to vacate all of the previously advertised completion dates to allow for focus on negotiations.

https://cases.stretto.com/public/x31...0000000200.pdf

https://cases.stretto.com/oceanwideplaza/court-docket/

K. Debtor is continuing its negotiating with multiple Bidders and seeks additional time
to complete those negotiations and the qualification process.
L. Debtor, along with the Consulting Parties, believe it is in the best interest of the
estate to agree to standstill on the Confirmation Schedule so that they may focus on the sale of the
Property. Accordingly, Debtor and the Consulting Parties agree to vacate certain dates in the Sale
Schedule and Confirmation Schedule.

[scania]

Closing off Broadway in DTLA to be pedestrian only, might not be the best idea. Traffic has been a nightmare and a few of the businesses have said that it’s been extremely slow. I’m sure that could change in due time. But getting to Broadway could be a major challenge. It took me 40 mins to go around the block at 8th Spring.

[LosAngelesSportsFan]

Originally Posted by scania

Closing off Broadway in DTLA to be pedestrian only, might not be the best idea. Traffic has been a nightmare and a few of the businesses have said that it’s been extremely slow. I’m sure that could change in due time. But getting to Broadway could be a major challenge. It took me 40 mins to go around the block at 8th Spring.

A two day closure is not the same as a permanent closure. People adjust when that know is permanently

[Illithid Dude]

There is no reason to fully block streets from automotive activity. Just expand the pedestrian sphere, add bikelanes. Everything can live in harmony.

[ChelseaFC]

Originally Posted by Illithid Dude

There is no reason to fully block streets from automotive activity. Just expand the pedestrian sphere, add bikelanes. Everything can live in harmony.

Agreed. Larger, cleaner, and more inviting sidewalks will do wonders for an area to make it more pedestrian friendly.

[LosAngelesSportsFan]

I agree with this. It's such an easy fix for 90% of downtown LA. If only we had an advocate that had power

[craigs]

Originally Posted by LosAngelesSportsFan

I agree with this. It's such an easy fix for 90% of downtown LA. If only we had an advocate that had power

What we need is a voting constituency for more livable streets downtown. Voters must push for the desired changes at the ballot box (and at relevant meetings). For example, when I was in SF, we had a great advocacy group for bicycle infrastructure--but it took political organizing behind that advocacy group to actually get the changes we wanted. The advocacy group had us regularly press our supervisors (the equivalent of LA's city councilors) for the changes via email and phone calls. It eventually worked.

[craigs]

Macy's will be closing 150 stores, including downtown LA, downtown SF, and downtown Sacramento. When all is said and done, there won't be a downtown Macy's anywhere in California anymore. Some forumers are desperate to blame this on LA's mayor, but this is a retail store issue generally and a Macy's issue specifically. They are shrinking because their business is shrinking--everywhere. In their analysis, their CA downtown locations no longer make economic sense.

[colemonkee]

Moderator Edit: Please keep the discussion to development and keep all politics off the board.

To get things back on topic, the one bright side from the Macy's closing is that it will clear up space directly underneath the planned residential tower and remove the primary active use (aside from the parking structure and the elevator bank) that would complicate the construction of that tower, assuming additional engineering support will need to be added down to the basement levels to support the additional weight of the tower. If anything, this closure could accelerate (slightly) the development timeline of that project.

[SoCalKid]

Originally Posted by nmkef

Based on court fillings as of 9/27ish, "active negotiations with multiple Bidders" and they've decided to vacate all of the previously advertised completion dates to allow for focus on negotiations.

https://cases.stretto.com/public/x31...0000000200.pdf

https://cases.stretto.com/oceanwideplaza/court-docket/

Was just coming here to post this. I'm eager to see what happens here, I know most groups that have underwritten this deal (and most of the big names in LA have), they've generally come to the conclusion that it has zero or negative value in its current state because its completed value won't be enough to justify the cost to complete it. That makes me think the bidders fall into 2 categories - groups with very long term outlooks (and patient capital) and groups that don't know what they're doing. The first group would be companies like AEG or Onni. I don't even want to speculate on the second. I'm really hoping AEG is still a bidder and that they win. I think they'd have the most interest in maximizing its impact on the neighborhood as they'd be the ones to benefit as owners of LA Live and Crypto.com.

I know a lot of people here are focused on new projects, but the sad reality is that we're not in an environment where many new things will happen downtown, and I don't think that will change for a few years at least. But if AEG can get started with the convention expansion, finishing Oceanwide Plaza, pedestrianizing Chick Hearn Ct, and creating a real public space at Gilbert Lindsay Dr, that could be a huge shot in the arm for South Park. There's no reason that area can't be the best convention and entertainment area west of Chicago. Yes it's shaping up to be Time Square-esq, but I think having an area like that is important for an Alpha City.

[LosAngelesSportsFan]

Originally Posted by colemonkee

Moderator Edit: Please keep the discussion to development and keep all politics off the board.

To get things back on topic, the one bright side from the Macy's closing is that it will clear up space directly underneath the planned residential tower and remove the primary active use (aside from the parking structure and the elevator bank) that would complicate the construction of that tower, assuming additional engineering support will need to be added down to the basement levels to support the additional weight of the tower. If anything, this closure could accelerate (slightly) the development timeline of that project.

I wish there was a way to demolish that ridiculous hulk of a parking structure and start over. The tower should go down to the street to activate 8th since it's a massive dead zone