Quote:
Originally Posted by LAofAnaheim
The problem we have with development in downtown LA is due to ridiculous suburban laws that prevent a lot of developers building higher and denser. Unfortunately, with LA's high minimum parking requirements, a developer has to spend a significant amount of funds on a parking structures, in areas where such a large parking structure/garage/lot is not needed. We should not be building podium buildings like Watermarke, 717 Olympic or 8th/Hope. Also, we shouldn't be requiring 1,000 parking space developments like Apex/Concerto or South developments (Luma, Elleven and Evo). With such high parking requirements, you can only bring in certain developers who can afford to build in downtown LA.
For other developers, who cannot build the McMansion projects (Ritz Carlton, Courtyard Marriott, Omni), they can probably only financially pencil out a 7 story structure like the one's coming up in Block 8 of Little Tokyo, Market Lofts, Packard Lofts or 8th/Grand.
So............I'm going to sound like a broken record...but the problem is not the developers, it's the zoning. We need to update zoning in downtown LA quickly so that we can make development in Los Angeles more simple and relaxed on the ridiculously high parking requirements that is destroying the affordability of our city.
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I think parking does play a part, but it's not the deciding factor. For the most part, developers are still being very cautious. Lots of people shot for the moon in the mid 2000's and lost their shirts in the process.
Some of the companies building 5-7 story apartment buildings are large firms with national portfolios (Hanover). Some of the people proposing high rises right now are smaller scale local developers (Shomof, Barry Shy).
Some developers actually want more parking than required, especially if their projects have "destination," type retail. I know Related wants extra parking for Parcel Q of the Grand Avenue project, since they don't think they'll be able to attract retail tenants without it.
Our zoning is woefully out of date, though. Of course, as LASportsFan has mentioned, the Dept. of City Planning has luckily noticed the problem. Hopefully we get a fix sooner rather than later.