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A tale of two downtowns in L.A.: As offices languish, apartments thrive
Roger Vincent
Los Angeles Times
May 2, 2024
By many measures, downtown Los Angeles’ newest apartment tower is over the top with such gilded flourishes as stone tiles from Spain lining the elevator cabs and hand-troweled Italian plaster on interior walls. Humming birds have somehow found the fruit-laden trees decorating the outdoor lounge on the 41st floor.
For Stuart Morkun, the developer who oversaw construction of the recently completed Figueroa Eight skyscraper, it was the porte cochere, where residents leave their cars with valets, that really stood out. The travertine used to build it was mined from the same quarry outside of Rome that supplied stone for the Colosseum, New York City’s Lincoln Center and the Getty Museum.
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In fact, the decision to go big on Figueroa Eight, which opened last month, reflects an unusual disconnect playing out in the neighborhood: While downtown as a place to work still struggles to find its footing post-COVID, downtown as a residential center is thriving. It boasts a large stock of housing in fancy new high-rises and converted historic buildings at rents that are well below those on the popular Westside.
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