Quote:
Originally Posted by pesto
I hate so say it, but a good example is Caruso: the Grove is plastic, but it is surrounded by the Farmer's market, small retail, existing and potential development across 3rd St., and Beverly Center has been forced to rethink itself.
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Speaking of Caruso.... He says he has $750 Million worth of projects in the pipeline, including one on the scale of The Grove. Now, what do you think the chances of some of this $750 going in to downtown? It's not like he has many other geographical locations left in L.A.. He's covered Glendale, multiple areas in Mid-City, and Santa Monica is pretty much maxed-out concerning retail development. I'd bet some good money that he is planning on building in downtown.
EDIT: Also, just saying, but Santa Monica's office vacancy rate is officially at 9.6%, making it not only the lowest in L.A. County, but also at that level in which new office development can be proposed.
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