LOS ANGELES | Downtown Project Rundown 4.0

[blackcat23]

Originally Posted by Wally West

Aside from close distance to the freeway, I strongly disagree.

This hotel will literally be across the street of the Convention Center/Staples Center. Lots of people complain about the Convention Center for its lack of options in hotel space. Having a hotel right across the street from the Convention Center would be a big plus.

And despite it being close to the Expo/Blue line tracks, it's less than a block away from the Pico Station so hotel guests can easily travel through rail so they wouldn't have to be as dependent on a rental car.

I don't even think the proximity to the freeway is that bad. About 1200 feet away from the 10 and 2000 feet away from the 110. The Ritz Carlton, Wilshire Grand, Courtyard/Marriott, Renaissance Inn, car wash lot, and Metropolis are all closer to the freeway.

I think Pico Station could be both a curse and a blessing. Easy access to Metro rail is a plus, but sirens also go off every time a train crosses Pico. Triple paned windows will probably be a necessity. Perhaps something can be worked out with Metro to make the sirens a little quieter, since that intersection is getting developed in the next few years. 7 story apartments across Flower and high rise hotel space across Pico.

In other news, the EIR is out for the revamps of the Los Angeles, Tower, State and Palace Theaters. All of them have proposed 24 hour operations. Looking forward to this.

[brudy]

Originally Posted by blackcat23

In other news, the EIR is out for the revamps of the Los Angeles, Tower, State and Palace Theaters. All of them have proposed 24 hour operations. Looking forward to this.

Clubs? Late night shows? After hours places? 24 hour operations for those places is intriguing.

[blackcat23]

Originally Posted by brudy

Clubs? Late night shows? After hours places? 24 hour operations for those places is intriguing.

Here's the summary from the EIR. The specific numbers changes for each theater, but besides that everything is the same for each location.

Conditional Uses to permit the sale and dispensing of a full line of alcoholic beverages for on-site consumption and public dancing, in conjunction with the operation of the Tower Theater, City of Los Angeles Monument No. LA-450. Operations will consist of 2 venues: 1) the 20,730 sq. ft. theater itself, including the basement, ground level lobby, upper lobby, second floor, and auditorium, having a maximum occupancy of 1,152 persons or 540 seats, with alternative use of the main auditorium as a 3,607 sq. ft. dance floor; and 2) a 1,349 sq. ft. bar and lounge, located on the ground floor and fronting on 8th St., with 22 covered outdoor seats and including 309 sq. ft. of outdoor patio area with 44 seats upon the adjacent public right-of-way sidewalk. Both venues propose 24 hour daily operations, with alcohol service and consumption limited to between 10:00 am to 2:00 am daily. The project is proposed as a component of the restoration and reactivation of the Broadway Theater Complex, consisting of the historic Tower, Los Angeles, Palace, and State Theaters.

[SD_Phil]

All I care about with regard to the theaters are:

1) They are restored
2) The restorations allow them to remain functional theaters

Some of the smaller theaters on Broadway (the Roxie) were forever lost in terrible adaptive reuses.

[LA/OCman]

Two big retail updates on South Broadway!

http://la.curbed.com/archives/2013/05/exclusive_urban_outfitters_rehabbing_dtlas_rialto_theater.php

http://la.racked.com/archives/2013/05/02...ts_largest_store_ever_in_downtown_la.php

[SoCalKid]

Huge news. Urban Outfitters is a perfect addition to Broadway, I'm so excited to hear that this rumor is true! Also, the fact that Acne's store will be its biggest in the world is enormous. I think that when these two open, Broadway will have reached a tipping point. Broadway truly is being brought back!

[Illithid Dude]

Originally Posted by LA/OCman

Two big retail updates on South Broadway!

http://la.curbed.com/archives/2013/05/exclusive_urban_outfitters_rehabbing_dtlas_rialto_theater.php

http://la.racked.com/archives/2013/05/02...ts_largest_store_ever_in_downtown_la.php

I can't wait for Acne! As a frequent buyer of their clothing, it will be great to have a store I can go to.

And I'm not a big Urban Outfitters fan, but the importance of them coming to Broadway can't be understated. All in all, incredible news! To think how far DT has come in just a few years...

Oh, and rendering for the Urban Outiftters.

[brudy]

Originally Posted by SoCalKid

Huge news. Urban Outfitters is a perfect addition to Broadway, I'm so excited to hear that this rumor is true! Also, the fact that Acne's store will be its biggest in the world is enormous. I think that when these two open, Broadway will have reached a tipping point. Broadway truly is being brought back!

I admit I did a small happy dance at the news, but we still have a ways to go.

It's really interesting to me that most of the action is happening below 6th. Is the Ace Hotel the linchpin?

[Illithid Dude]

Originally Posted by brudy

I admit I did a small happy dance at the news, but we still have a ways to go.

It's really interesting to me that most of the action is happening below 6th. Is the Ace Hotel the linchpin?

That and the Orpheum Theater, I would presume. It's interesting how there are two sort of nodes in the Historic Core right now, the Broadway one, and the one around Main/Spring and 4th/5th. I can't wait for the two nodes to become connected.

[LA/OCman]

Originally Posted by Illithid Dude

That and the Orpheum Theater, I would presume. It's interesting how there are two sort of nodes in the Historic Core right now, the Broadway one, and the one around Main/Spring and 4th/5th. I can't wait for the two nodes to become connected.

I really think that the renovation of the Eastern Columbia and the Orpheum were the catalysts. Broadway Bar was the first successful business to open but the Ace Hotel brings legitimacy to the area. Unamicatessen was a great addition with its urban look and great atmosphere. It is also a beautiful section of Downtown architecturally. Let's hope the Herald Examiner building will see life again south of the Ace Hotel. And let's not forget all that is happening on 9th...along with FIDM grads bringing creativity.

[brudy]

Originally Posted by Illithid Dude

That and the Orpheum Theater, I would presume. It's interesting how there are two sort of nodes in the Historic Core right now, the Broadway one, and the one around Main/Spring and 4th/5th. I can't wait for the two nodes to become connected.

And there are a fair amount of cool stores on 6th and 7th between Spring and Main. That whole corridor is coming along nicely. But it all just needs to connect up, it doesn't feel cohesive yet.

[Muji]

Great news about UO and Acne! I'm very excited to see how Acne's in-store café will turn out. For all the progress downtown has made (especially with food and nightlife) I still feel like cafe scene in the historic core is really lagging where it should be.

I sort of like the fact that the Rialto is a bit of a walk from the closest Metro stops. We'll get a little boost in pedestrians along 7th and Broadway.

[RuFFy]

That's great news about all the new stores. DT has come a LONG way. I'm impressed by how much has changed over the years.

[brudy]

Originally Posted by Muji

Great news about UO and Acne! I'm very excited to see how Acne's in-store café will turn out. For all the progress downtown has made (especially with food and nightlife) I still feel like cafe scene in the historic core is really lagging where it should be.

I sort of like the fact that the Rialto is a bit of a walk from the closest Metro stops. We'll get a little boost in pedestrians along 7th and Broadway.

Agreed on the cafe situation. Coffeebar's demise was a big loss.

[StethJeff]

Wow, the great news keeps rolling in. Living here and seeing change on a weekly/monthly basis is better than I expected before moving here.

When it comes to DTLA and its maturation over the last decade or so, it really was a combination of factors - both large and small - that allowed it to get to where we are today. I don't really see it as a single catalyst. Staples, Ritz, Orpheum, loft conversions, Disney Hall, Pete's, USC, Golden Gopher, Joseph Centeno, similar trends in other downtowns, etc. As a result, DTLA's been able to develop in all fronts in every neighborhood. The good news of course is that this upswing should go on for several years based on what still appears to be in the pipeline.

[alki]

Originally Posted by LA/OCman

Two big retail updates on South Broadway!

http://la.curbed.com/archives/2013/05/exclusive_urban_outfitters_rehabbing_dtlas_rialto_theater.php

http://la.racked.com/archives/2013/05/02...ts_largest_store_ever_in_downtown_la.php

Yeah, these are both big. A trend has started and a critical mass is building. Can't wait to see what Rakovich does to Macy's.

[LosAngelesSportsFan]

Originally Posted by alki

Yeah, these are both big. A trend has started and a critical mass is building. Can't wait to see what Rakovich does to Macy's.

great point about Macy's. Every time i walk by (which is 3 or 4 times a week) im waiting for escrow to close so we get more details. i REALLY REALLY hope for a massive overhaul. Add in the wilshire grand podium / retail and that will be significant change for the area.

[bobcat]

Very exciting to see all the retail interest in DTLA. I was reading an article about the Acne store and this part caught my eye:

http://www.apparelnews.net/news/2013/may/02/acne-open-flagship-downtown-la/

Change has come quickly to the corner of Broadway and Ninth. Just 18 months ago, a square foot of commercial space cost $50 and there was little interest in the corner, said Brad Luster, president of Major Properties in downtown LA. Recently, a square foot of commercial space on Broadway has shot up to $125, Luster said.

“We’re seeing a lot of interest from boutique and high-end users and retailers trying to get into the marketplace,” he said. Urban Outfitters has reportedly been scouting downtown Los Angeles locations, according to sources.

While $125 psf is still considerably below Rodeo Dr rents, it's comparable to rents found in high end shopping districts in many American cities.

For comparison some rents according this Cushman/Wakefield report
http://www.cushwake.com/cwglobal/docview...aryPubContent&Country=GLOBAL&Language=EN

District/City/Rent PSF
5th Ave/NYC/$2500
Rodeo Dr/LA/$540
N Michigan Ave/Chi/$475
Union Square/SF/$450
Lincoln Rd/Miami/$240
Penn Quarter/DC/$140
Newbury St/Boston/$130
Worth Ave/Palm Beach/$100
Walnut St/Philadelphia/$100
5th Ave-Gaslamp/San Diego/$60

[brudy]

Originally Posted by bobcat

Very exciting to see all the retail interest in DTLA. I was reading an article about the Acne store and this part caught my eye:

http://www.apparelnews.net/news/2013/may/02/acne-open-flagship-downtown-la/



While $125 psf is still considerably below Rodeo Dr rents, it's comparable to rents found in high end shopping districts in many American cities.

For comparison some rents according this Cushman/Wakefield report
http://www.cushwake.com/cwglobal/docview...aryPubContent&Country=GLOBAL&Language=EN

District/City/Rent PSF
5th Ave/NYC/$2500
Rodeo Dr/LA/$540
N Michigan Ave/Chi/$475
Union Square/SF/$450
Lincoln Rd/Miami/$240
Penn Quarter/DC/$140
Newbury St/Boston/$130
Worth Ave/Palm Beach/$100
Walnut St/Philadelphia/$100
5th Ave-Gaslamp/San Diego/$60

That's really interesting stuff and it makes you wonder if downtown is in a bit of a bubble. Newbury St in Boston is fully developed, as is Boylston St which runs parallel, and they're both a bit north of more shopping, so it's a solid area. Not a swap meet anywhere near those streets. Walnut St in Philly is similar, although that depends where on Walnut you're talking about, it's very long.

$125/sqft seems like a lot given what could be on either side of you on Broadway, at least for the immediate future. Perhaps it will be mostly major chains like Urban that will be able to make a longer term investment, banking on future growth and development.

Anybody know what the rates are for Old Town/Pasadena?

[bobcat]

Yeah there's definitely some future growth expectations factored into the pricing. I wonder how long their lease is for.

I couldn't find rents for Pasadena but according to this article rents at 3rd St Promenade range from $150-250 psf.
http://blogs.wsj.com/developments/2012/0...enade-nearly-60-million-for-apple-store/