About Downtown LA
Since 1999, when the Adaptive Reuse Ordinance was enacted, the estimated population of DTLA has increased almost 300%.
Between 1999 and 2013, over $17 billion has been invested in facilities for arts/entertainment, civic, residential, commercial, and retail uses in DTLA.
Downtown Los Angeles hosts over 10 million visitors per year with a median income of $90,580 per visitor.
Each business day, over 500,000 people commute into Downtown Los Angeles for their jobs. Transportation hassles are a major factor spurring the growth of DTLA residential development.
A (Very) Brief History of Downtown Los Angeles
By John Nilsson (with help from DowntownLA.com and Wikipedia)
The cycle has started anew.
THE DOWNTOWN LA MARKET OVERVIEW
Residential, Hotel, Residential, and Office
Published July, 2014 by Downtown Center Business Improvement District
Downtown LA is blessed to have the dedicated folks at The Downtown Center Business Improvement District to look after and document the amazing growth of Downtown Los Angeles. What follows is the latest demographic and economic report prepared by DCBID. This report is the most comprehensive and informative product on this subject currently available.
The Downtown LA Financial District was originally located in the area between 3rd and 8th Avenues and Broadway and Main. However, in 1955 the city fathers, in an effort to bring life back into the declining city, decided to redevelop Bunker Hill into a new corporate and banking center. To accomplish this, the high promontory overlooking the Historic Core was cleared of old abandoned and neglected Victorian buildings and the new corporate skyscrapers that now make up LA’s famous skyline began to appear. New buildings popped up yearly during the 1960’s, 70’s, and 80’s until office vacancy rates became unsustainable and building fell off. Since 2001, new commercial construction has begun again in earnest. The most notable Financial District architectural statements in recent years have been the dramatic Disney Center for the Performing arts and the brand new Grant Park which now connects the Financial District to Civic Center and City Hall several block to the east.
Historic and Entertainment District
This district is comprised of the original Historic Core between Hill and Main and 3rd and 8th Avenues (the original Banking and Financial District) and the Broadway Entertainment area between 2nd and 18th Avenue which, in its heyday, was the West Coast’s undisputed center of Show Biz with as many 16 world class theater and Vaudeville venues. This District grew to prominence from the late 1800’s through the years just before the 2nd World War and contains most of the historic buildings that give Downtown Los Angeles its character. The District has, in recent years, become the center of exciting new redevelopment and life as the rush to the suburbs has reversed its flow back into the city center. Primary to the redevelopment of this district has been the visionary Adaptive Reuse Initiative enacted by the LA City Council in 1999.
The South Park District is essentially located between the Financial District and LA Live from the 110 Freeway on the west to Spring Street on the East. Once part of a non-descript jumble of unrelated businesses, parking lots, manufacturing plants and abandoned office buildings, South Park has become the center for the housing boom that has resulted in the explosive re-growth of Downtown LA. At last estimate, over 4,000 new apartment units are either just recently completed, under construction, or planned for South Park. This new population center has resulted in new bars, restaurants and clubs opening monthly in this area and is also feeing the rapid growth of the adjacent Historic and Entertainment Districts.
LA Live is an exciting entertainment complex adjacent to the LA Convention Center and the Staples Center Sports Arena, home of the Lakers, Clippers and Kings. Developed and a cost of over $2.5 Billion by Anschultz Entertainment Group and others, the facility incorporates over 5,600,000 square feet of ballrooms, bars, concert venues, restaurants and movie theaters as well as a Marriott Hotel and a 54 story Ritz Carlton condominium project. LA Live has become the convention, sports and entertainment hub of the entire Los Angeles area.
The Los Angeles Arts District developed in an area just east and west of the Downtown Civic Center between the Historic Core and the Los Angeles River in blocks of abandoned and neglected industrial warehouses and manufacturing plants. The local artist community was attracted to the area due to its low rents. In recent years the area has seen rapid gentrification and rapid expansion in residential and commercial development. New and exciting restaurants and bars coffee shops and art galleries and working studios now abound in this area which has taken on an almost “Soho” like flavor.