LOS ANGELES | Central City Project Rundown 5.0

[ThomJames]

Originally Posted by brudy

The city needs a healthy convention center market, it can't be all residential. If they need to dole out tax breaks for another few years to make it viable, I'm fine with that.

I'm fine with the tax breaks too, but I think the city really screwed up the process. About a decade ago, the market was studied and it was determined that Dtwn LA was short about 10,000 rooms in order to supply a vibrant convention business.

In my opinion the city should have set a policy allowing specific tax breaks for the first 10,000 rooms. Once that quota was met, that's that. That would have given developers a finite policy, and I think would have spurred construction. Instead the city is granting tax breaks on a case by case basis resulting in an often lengthy and cumbersome approvals process. Developers are uncertain they will get the breaks and so the process is really risky.

[112597jorge]

Originally Posted by Docjalby

Here are links to the first renderings of the Bloc:

October 2013
http://brighamyen.com/2013/10/10/feast-eyes-latest-renderings-revealed-bloc-makeover-downtown-la/

these are my favorites, i hope theses are the ones that are going to get built

[Eightball]

Aye what's the plan for this one again? With the Commercial Exc undergoing full renovation, I believe this may be the last big old beauty with no active uses. Or am I missing some?

Retail DT 12/11 by thaeisahtbizall, on Flickr
Retail DT 12/11 by thaeisahtbizall, on Flickr

Beautiful building in a great location

[alki]

Originally Posted by bobcat

The way I understand it is that it's not a matter of hotels being profitable but that of residential being more profitable. So if left to their own devices developers will choose to build only condos and apartments. The city is offering tax breaks because they want the convention center to stop being the financial albatross that it is and start being a revenue generator.

Its a good point about hotels vs apts........I hadn't thought about it from that perspective. However, I think there are enough hotel chains that will build hotels if the market is there. And cities talk a big game when it comes to conventions but from what I read, convention centers are overbuilt in this country and tend not to be very profitable:

http://www.citylab.com/cityfixer/2012/06/stop-building-convention-centers/2210/

Originally Posted by Docjalby

There was an article in either the LA Times or the DT News about 4 months ago about how they are stopping giving hotel tax cuts in order to build them. Metropolis was going to the be last hotel through the tax cut door.

Its good to hear...........I am big about using those tax breaks to fill up some of that vacant office space in DTLA.

[alki]

Originally Posted by Flavius Josephus

(Also, did anyone else notice that the streetcar shown has a pantograph to pick up electricity, but no overhead wire to pick it up from?)

Maybe its magical.........and built by Disney.

[ThomJames]

Originally Posted by Eightball

Aye what's the plan for this one again? With the Commercial Exc undergoing full renovation, I believe this may be the last big old beauty with no active uses. Or am I missing some?

Retail DT 12/11 by thaeisahtbizall, on Flickr
Retail DT 12/11 by thaeisahtbizall, on Flickr

Beautiful building in a great location

Apparently the Garfield Building finally went on the market a couple of months ago. The Commercial Exchange Building had almost 200 offers on it, so it will probably be a while until we find out who the new owner is and what they plan on doing with it. That building is one of my favorites in all of Dtwn.

It isn't shown in this picture, but the wrought-iron fret work on the front of this building is just gorgeous.

[Eightball]

Almost 200 offers!

[bobcat]

Originally Posted by alki

Its a good point about hotels vs apts........I hadn't thought about it from that perspective. However, I think there are enough hotel chains that will build hotels if the market is there. And cities talk a big game when it comes to conventions but from what I read, convention centers are overbuilt in this country and tend not to be very profitable:

http://www.citylab.com/cityfixer/2012/06/stop-building-convention-centers/2210/

That may be true in general, but considering how much of a nonplayer it has traditionally been in the convention business I have to think that LA is one of the few cities that's poised to gain market share in the coming years. With an expanding transit system, new attractions (Broad & Ampas museums, Harry Potter at Universal Studios, etc.), and an increasingly attractive downtown, LA should be able to hold its own against any other city for conventions.

[ChelseaFC]

Originally Posted by ThomJames

Apparently the Garfield Building finally went on the market a couple of months ago. The Commercial Exchange Building had almost 200 offers on it, so it will probably be a while until we find out who the new owner is and what they plan on doing with it. That building is one of my favorites in all of Dtwn.

It isn't shown in this picture, but the wrought-iron fret work on the front of this building is just gorgeous.

I thought Commercial Exchange was being turned into a hostel. Or is that another building I'm thinking of?

[WestCoastSupertall]

Originally Posted by ChelseaFC

I thought Commercial Exchange was being turned into a hostel. Or is that another building I'm thinking of?

Yeah it was going to be converted into a hotel, unless plans have changed

"Downtown L.A. office building to be converted to hip hotel":
http://www.latimes.com/business/la-fi-downtown-hotel-20140718-story.html

[brudy]

Originally Posted by WestCoastSupertall

Yeah it was going to be converted into a hotel, unless plans have changed

"Downtown L.A. office building to be converted to hip hotel":
http://www.latimes.com/business/la-fi-downtown-hotel-20140718-story.html

Yeah, I think that's correct. They're actively working on it now.

[Wilcal]

Originally Posted by ThomJames

I'm fine with the tax breaks too, but I think the city really screwed up the process. About a decade ago, the market was studied and it was determined that Dtwn LA was short about 10,000 rooms in order to supply a vibrant convention business.

In my opinion the city should have set a policy allowing specific tax breaks for the first 10,000 rooms. Once that quota was met, that's that. That would have given developers a finite policy, and I think would have spurred construction. Instead the city is granting tax breaks on a case by case basis resulting in an often lengthy and cumbersome approvals process. Developers are uncertain they will get the breaks and so the process is really risky.

You make an excellent point. With a cut-off point there would have been no exceptions. I think that the piecemeal case by case approach that you described has now allowed the city to be hustled by developers into allowing concessions that incidentally I think are far too generous (time wise). And the developers are real good at playing that game. The biggest offender I think is AEG. As it turns out LA Live is perhaps the best investment they ever made, and did not need any tax concessions. The worst of it is when someone comes to DTLA with a project that poses a real threat (in terms of size and luxury) to their hotel investment AEG will probably try to fight it "tooth and nail"--whether or not to DTLA's betterment. You watch, they'll "bite the hand that fed it." And, of course the city is screwing itself out of many, many years of desperately needed tax revenue.

[Wilcal]

Originally Posted by DTLAdenizen

New retail squeezed into the tiny spots at the Tower Theatre:

And so when are the building's owner(s) going to refurbish the exterior? It looks awful.

[Wilcal]

Its a good point about hotels vs apts........I hadn't thought about it from that perspective. However, I think there are enough hotel chains that will build hotels if the market is there. And cities talk a big game when it comes to conventions but from what I read, convention centers are overbuilt in this country and tend not to be very profitable:

http://www.citylab.com/cityfixer/201...-centers/2210/

The convention centers may not be profitable per se, but it's the spillover effect that is important. Conventioneers spend money at hotels, restaurants, shops,and for entertainment, transportation, etc. Also, consider the excellent PR effect. If thousands are impressed with DTLA they will be most likely to return on their own when vacationing. They are likely to tell friends about their experiences, and so on. The multiplier effect is enormous. Why else would cities' vie for convention center domination?

[Eightball]

Fago right now

Metropolis by thaeisahtbizall, on Flickr

Metropolis by thaeisahtbizall, on Flickr

[alki]

Originally Posted by bobcat

That may be true in general, but considering how much of a nonplayer it has traditionally been in the convention business I have to think that LA is one of the few cities that's poised to gain market share in the coming years. With an expanding transit system, new attractions (Broad & Ampas museums, Harry Potter at Universal Studios, etc.), and an increasingly attractive downtown, LA should be able to hold its own against any other city for conventions.

For some time, its been a complaint that DTLA loses convention business to Anaheim. With Disneyland so close, Anaheim presented a more attractive package. But with DTLA reviving, I think you are right.........it will be a better competitor and probably will gain market share, and as Wilcal points out, the dollars spent by convention attendees will benefit all of DT.

My only concern is that if there is a cap to tax breaks, spending them on getting a tech company to DT may be a better alternative for the primary reason that tech pays better salaries than hotels do and will benefit DT businesses 365 days of the year and not just the days when a convention is in town. I also agree with ThomJames that these hotel concessions have become exploititive and developers have learned to play the game too well. Just some things to consider.

[LosAngelesBeauty]

One of the seediest intersections in Downtown LA --- a drug haven for decades --- just got a whole lot cleaner.



http://brighamyen.com/2014/12/17/no-way-downtown-las-seedy-rite-aid-5thbroadway-cleans/

[saybanana]

Originally Posted by WestCoastSupertall

Yeah it was going to be converted into a hotel, unless plans have changed

"Downtown L.A. office building to be converted to hip hotel":
http://www.latimes.com/business/la-fi-downtown-hotel-20140718-story.html

Looks like it is still a Freehand hostel/hotel hybrid.

This link was posted 5 or so pages back. http://dlanc.org/sites/dlancd7.local...CUB-CUX-ZV.pdf

Towards the end of the pdf, I liked the interior layout diagrams for several dining/lounge/bar places on ground and rooftop next to pool. The floors seem to be half hotel rooms and half bunk bed dorms for the hostel (2,4,6 bed rooms).

[Mojeda101]

Looks like the Arcade building on Broadway just sold. Not really any concrete evidence but "DTLArealestate" on Instagram mentioned that one of the owners said they sold the property which is why the arcade has closed its doors for good. They toured the interior of the building too. They mentioned it was being converted to Condos.

Then, "Esotouric" also mentioned that he talked to the retailers on the groundfloor along with those next door and they were told the arcade is closed for good and the upper floors would be turned to condo units. This could be huge!

[brudy]

Well, that's good news, if only to get rid of the totally ghetto tagging. What flat out losers do that crap...