LOS ANGELES | Downtown Project Rundown 6.0

[hughfb3]

Citywatch

These are two separate studio projects rendered and what the article is writing about, there’s “East End Arts District” and “East End Mission,” but both are in the arts district area. One is on the east side of the river and one on the west, both by the same developer. East End’s Mission site has 5 studios but the one pictured with the ground breaking ceremony has at least 12. The one that broke ground is the smaller one, not the larger one in the render attached.

Below is the larger one

https://eastendstudios.com/campus/adla-campus/

[citywatch]

^ I didn't realize there was more than one studio planned for the east side of dtla. I'm cautious about such projs nowadays because the entertainment industry in LA is facing alot of uncertainty.

meanwhile....


• Video Link

[scania]

How absurd...the entertainment industry is expanding like crazy in LA. Anyone that knows an ounce about TV , TV Streaming, etc. knows how the filming industry alone is growing here in LA. Back on Block button. Ha #insanity

[202_Cyclist]

Originally Posted by scania

How absurd...the entertainment industry is expanding like crazy in LA. Anyone that knows an ounce about TV , TV Streaming, etc. knows how the filming industry alone is growing here in LA. Back on Block button. Ha #insanity

I heard the exact opposite, that streaming is really struggling lately and there have been layoffs in the entertainment industry.

https://www.latimes.com/entertainmen...cost-of-living

[Radio5]

Originally Posted by 202_Cyclist

I heard the exact opposite, that streaming is really struggling lately and there have been layoffs in the entertainment industry.

https://www.latimes.com/entertainmen...cost-of-living

You're correct, the motto amongst the creatives (and the real estate industry) is "survive till 2025". Studios are expanding because of tax credits but also forecasted demand in the near future.

[scania]

Originally Posted by Radio5

You're correct, the motto amongst the creatives (and the real estate industry) is "survive till 2025". Studios are expanding because of tax credits but also forecasted demand in the near the future.

Not the creatives at SoHo House. It’s a lot of work that’s out there now. But I’ll digress…this is not the forum for this conversation.

[202_Cyclist]

Originally Posted by Radio5

You're correct, the motto amongst the creatives (and the real estate industry) is "survive till 2025". Studios are expanding because of tax credits but also forecasted demand in the near the future.

I don’t have any particular insight, as I don’t work in the entertainment industry. I just try to read and stay informed. My Hudson Pacific Properties stock, which builds commercial properties for the film and television industry, has been absolutely devastated over the past couple of years.

[JRinSoCal]

Does anyone have any info on a Los Angeles developer in talks to buy Oceanwide Plaza? There is an article in the Wall Street Journal about it but since they require a paid subscription to read the full article I can't access it. I can't find anything else online about it.

[citywatch]

^

mario tama/getty images

a trio of half-completed, graffiti-covered skyscrapers in downtown los angeles has become one of the world’s most notoriously stalled real-estate projects. now a buyer has emerged to give it new life.

now the brokers representing the building’s owners in bankruptcy court are in advanced talks with an unidentified local developer to acquire oceanwide plaza.

“this project’s going to be completed,” azuse said, adding that oceanwide spent years and more than $1 billion securing zoning and building permits as well as constructing more than half the complex. “now somebody can come in and essentially take over from where the previous ownership stopped and finish it.”

suzanne holley, chief executive of the downtown los angeles alliance, a coalition of property owners in the neighborhood, said there is still demand for the project’s promised housing and hotel rooms. While office vacancy rates have reached record highs, foot traffic in the neighborhood is only slightly below prepandemic levels, supported by tourism and residential activity.

.

[LA21st]

Originally Posted by 202_Cyclist

I don’t have any particular insight, as I don’t work in the entertainment industry. I just try to read and stay informed. My Hudson Pacific Properties stock, which builds commercial properties for the film and television industry, has been absolutely devastated over the past couple of years.

I believe box office is up this summer. There are signs it is recovering. It took awhile to recover from the strikes in 2008. There will be a regular normal coming, this isnt a normal time right now. I doubt those firms are buidling new sound stages just because.

[DJM19]

Love the Oceanwide news. Hope that comes to fruition. I really do love the scale of the site. Not sure how well the huge retail mix works, but maybe that can be re-imagined.

[citywatch]

I don't work in the entertainment industry, so I have to go on what the experts or insiders are saying.

https://x.com/WallStreetApes/status/1814337045957083265?ref_src=twsrc%5Etfw

A view of the almost topped off onni apt tower at Olympic & Hill Sts....

https://youtu.be/C_be0FD-was?si=EZnDw4KJc_IQOZfY&t=25

[DTLA_Drew]

I do work in the industry. I've been at my studio (one of the majors) for 25 years. I'm fortunate to work from home, it's a Union job, I have gone down to four days a week and am regularly asked to pick up a day or two. It's not at all gloom and doom - we're thriving.

Anyway, the Corner Kafe at 7th and Maple in DTLA is no more.
It closed in April (as did a couple of businesses next door) and a crew has been working for the last week to level the structures. All that's left is the sign.

I don't know what's planned for the site, but I'm sure someone here knows.

[colemonkee]

The 7th and Maple Tower pictured here - which has been stalled for a few years now - was supposed to go up in the large surface lot catty corner to Corner Kafe. I'm not aware of any projects going up on that property though.


Image Source: Urbanize LA

[caligrad]

https://commercialobserver.com/2024/...plaza-auction/

I had no idea that the LED screens for Oceanwide have been on site this entire time, locked away in containers, ready to be assembled. Looks like we might be in luck very soon.

The article is locked behind a pay wall if your on a laptop or tablet but for some reason you can read it all on your phone.

Long story short, there is already a bidder in talks for the site before it hits the auction, they are looking to finalize a contract by mid-August. They are hoping to finish the project as planned before the Olympics get here "Granted if the city will actually help with the process of getting it done", which I'm sure is referring to the snail-paced permitting process at city hall.

[DTLA_Drew]

Thanks, colemonkee. I'm aware of the Maple at 7th project as I have a condo for sale nearby. I don't want to be next to that project when construction starts - whenever that will be.

[DTLA_Drew]

https://imgur.com/a/jmjVhFv

The former Corner Kafe.

I'm guessing my post count is too low to post a picture, so there's a link.

[colemonkee]

DTLA_Drew, if you copy the image address and place it between two image tags, you'll be able to post the image. Example below, along with your image below:

[IMG] (insert image address here without any spaces) [/IMG]

If you follow the directions above, it should look like this:


Image Source: DTLA_Drew

[headcheckjj]

Josh Friedman, co-founder of the massive LA-based asset management firm Canyon Partners, talking about the office building crisis:

https://www.youtube.com/watch?v=cBS63zELRtc

His point on "opportunities in real estate tend to start at the top of the capitalization and they work their way down..." makes me think that Oceanwide is much lower on the totem pole.

[craigs]

From LA Reddit, a skyline shot from City Terrace showing Olympic + Hill taking its place on the ever-expanding southern edge of downtown: