I watched only a small part of the start of the following vid & skimmed through a few other parts of it. What I can't figure out is why, by comparison, more projs don't break ground in dtla? Even worse, some of them are outright cancelled.
https://youtu.be/9C8oWw2wJpc
I recall reading an article several yrs ago, right around the time the proj was completed, about the watermarke apt tower at Olympic & Fig. One of the ppl overseeing the devlpt said that when everything was factored in, the proj didn't really generate a big profit. In comparison, are projs in a miami bch or toronto more profitable....& therefore more likely to begin construction? Are funders, investors more confident in giving $$ to new devlpt in cities like those, but more hesitant to fund projs in dtla? LA city govnt is infamous for red tape & not keeping dt as safe & clean as desirable....news about homelessness, skid row & other problems affecting dt must make investors nervous about dtla.
I can tell some properties in dtla, both old & new, don't generate a lot of money for their owners....retail & office space that sits vacant for yrs. So that leaves the bottom line for a lot of land in dt totally dependent on renting to residents or hotel guests...or for parking cars. But then there are property owners like Cherit...they've kept the 611 W 6th St bldg, the Clark hotel at 4th & Hill St & the Trinity Auditorium bldg at 9th St & Grand unused or vacant for yrs. How do property owners like them manage to wheel & deal for yrs, never make $$ on their bldgs in dtla, & also not help move dt improve?
In the meantime, Oceanwide sits stalled on Fig St & equity residential based in chicago dropped plans for their apt tower at 4th & Hill St.