Downtown LA Market Report YEAR-END 2015

Downtown Center Business Improvement District

Q4 2015 MARKET REPORT

About the DCBID Founded in 1998, the Downtown Center Business Improvement District (DCBID) is a coalition of nearly 1,700 property owners in the central business district united in their commitment to enhance the quality of life in Downtown Los Angeles. The organization has been a catalyst in the transformation of Downtown into a vibrant 24/7 destination. The mission of the Economic Development team is to improve and revitalize Downtown Los Angeles and bring investment and new businesses to the area. We provide special services our property owners, commercial and residential, and to potential investors in our district. • Research and Information • Events and Marketing • Monthly Housing and Office Tours • Customized Tours and Reports Whether you need information on new construction, introductions to local decision-makers and influencers, or you just want to learn more about Downtown’s dynamic growth, we are the portal for information on all of Downtown LA. To learn more about Downtown’s Renaissance and how to join us, visit www.downtownla.com.

DEFINITION OF DOWNTOWN LA The DCBID defines Downtown Los Angeles as the area bounded by the 110, 101 and 10 freeways and the LA River, plus Chinatown, City West, and Exposition Park. The projects contained in this report are within a portion of Downtown Los Angeles, shown on the map to the right.

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Downtown Center Business Improvement District

Q4 2015 MARKET REPORT

Table of Contents

EXECUTIVE SUMMARY ............................... 4 MARKET OVERVIEW

Residential ................................................... 6 Retail ............................................................ 6

00 6

Office ........................................................... 7 Hotel ............................................................ 7 2015 OVERVIEW........................................... 8 DEVELOPMENT UPDATE Commercial Development Map .............. 11 Residential Development Map ................ 12 Under Construction .................................. 14 Proposed ................................................... 16

11

FEATURED PROJECTS Major Mixed-Use ...................................... 18 Residential ................................................. 20 Office ......................................................... 21 Retail .......................................................... 22 Hotel .......................................................... 23 Civic & Cultural ......................................... 24 SPOTLIGHT ON DTLA

24

Local Media ............................................... 26 US and Global Media ............................... 27 Downtown Center Business Improvement District

3

Q4 2015 MARKET REPORT

Executive Summary With the Downtown Renaissance in full-swing, 2015 saw DTLA firing on all cylinders, with four quarters of growth in the five main sectors of the market.

Broadway Trade Center and Row DTLA, while Bunker Hill’s towers were revitalized by projects like DesignHive by Brookfield.

It was a record-breaking year for construction starts – with a total of 18 new projects with over 3,800 residential units, 850,000 SF of retail space and 2 million SF of office space. 13 development projects were completed this year, bringing almost 2,000 new apartments to the market.

Retail

Significant transactions included the Ace Hotel’s sale and Sun Cal’s purchase of 15 acres in the Arts District. Rising Realty was a notable buyer and seller – cashing out of the Pac Mutual Building and doubling down on One Bunker Hill and Figueroa Courtyard.

Residential

Residential demand held strong, with occupancy rates and average rents rising and the supply pipeline expanding with the announcement of several new large-scale developments, including mixed-use projects by The Hazens Group, Mack Urban and PRH.

Office

The office market continued to improve, with vacancy rates down and rents up on total leasing activity of 2.3 million sf. Several major creative office projects got underway – including the

Q4 KEY HIGHLIGHTS

974

New residential units opened in Q4

The retail sector hit its stride with the opening of Whole Foods and Clifton’s Cafeteria, and is poised for significant growth with The BLOC nearing completion and major projects under construction in every district, including At Mateo, Broadway Trade Center, and Oceanwide Plaza, for a total of almost 2 million sf of new retail space.

Hospitality

The hospitality sector got a boost with 2,500 hotel rooms under construction. New investments like the Sydell Group’s Nomad Hotel and AEG’s JW Marriott expansion will accommodate the growing number of visitors to DTLA, which hit almost 19 million in 2015.

Civic & Cultural

DTLA’s civic and cultural sectors look bright as well, with The Broad’s launch an unqualified success, blue-chip gallery Hauser, Wirth & Schimmel preparing to open in the Arts District, and several major transportation, streetscape, and public park projects underway, including a complete re-envisioning of historic Pershing Square.

Q4 KEY STATS

1,260

New residential units proposed in Q4

$3.24

Average Class A Rent Per Square Foot

95.8% Apartment Occupancy Rate

Whole Foods opened at 8th and Grand

4.8% - Retail Vacancy Rate

WeWork opened their second location in DTLA

2.4 million sq. ft. – 2015 Total Office Leasing Activity

New plans announced for Downtown Car Wash site

$147.19 – YTD Hotel RevPar

4

Downtown Center Business Improvement District

Q4 2015 MARKET REPORT

The Desmond

Level DTLA Whole Foods/eighth & grand

Clifton’s Cafeteria

The Broad

Downtown Center Business Improvement District

5

Q4 2015 MARKET REPORT

Market Overview

10,170 RESIDENTIAL UNITS UNDER CONSTRUCTION

15,334 PROPOSED

RESIDENTIAL • Strong demand kept rental occupancy rates over 95% while average rent rose to over $2,500 per unit. • The long awaited openings of eighth & grand and Hanover Grand Avenue added 974 rental units. • Over 1,200 residential units were proposed, bringing the total residential pipeline to over 26,000 units.

The BLOC

2m SQUARE FEET OF RETAIL SPACE UNDER CONSTRUCTION

1.1m PROPOSED

Q4 2015

Q4 2014

Apartment Occupancy Rate

95.8%

93.6%

Apartment Asking Rent Per Square Foot

$2.78

$2.62

$2,508

$2,359

57

55

$644

$564

Q4 2015

Q4 2014

Average Effective Rent Per Unit Condo Sales Condo Price Per Square Foot Source: CoStar, The Agency

RETAIL • The long awaited Whole Foods, occupying 41,000 square feet, opened at the corner of 8th and Grand. • The opening of Burlington added another national brand to the diverse mix of retail along Broadway. • The Ratkovich Company neared completion of The BLOC, which will soon add over 150,000 sf of new retail and restaurants to the Financial District. 6

Downtown Center Business Improvement District

Vacancy Rate

4.8%

6.9%

Average Rent Per Sq Ft

$2.59

$2.47

643,695

27,424

YTD Net Absorption Source: CoStar

Q4 2015 MARKET REPORT

Market Overview OFFICE • The former AT&T Center in South Park was renamed for USC, now the building’s largest tenant. • Law firm Munger Tolles & Olsen renewed their 150,500

2.5m SQUARE FEET

OF OFFICE SPACE UNDER CONSTRUCTION

225,000

sf lease at 350 Grand, while Boston Consulting Group signed a new lease for 27,133 sf at City National Plaza.

PROPOSED

• WeWork opened its second Downtown LA location – a 93,464 sf space in The Gas Company Tower.

Q4 2015

Q4 2014

Vacancy Rate

18.2%

19.4%

Class A Rent Per Square Foot

$3.24

$3.21

Overall Rent Per Square Foot

$3.12

$3.04

YTD Net Absorption

85,640

298,670

YTD Leasing Activity

2.4m

2.1m

Source: Cushman & Wakefield

Wilshire Grand

2,515 HOTEL ROOMS UNDER CONSTRUCTION

2,876 PROPOSED

HOTEL • British hotel operator Hoxton purchased 1060 S. Q4 2015

Broadway for their first location in North America. • Argentina-based Fën Hotels was chosen to operate the long-vacant Trinity Auditorium and Hotel Clark. • Property owner Ben Neman submitted plans for a major mixed-use development including a 373-room hotel at

YTD Occupancy Rate

Q4 2014

75.4%

74.4%

YTD Average Daily Rate

$195.10

$181.43

YTD RevPAR

$147.19

$134.92

Source: CoStar, The Agency

the Downtown Car Wash site adjacent to LA LIVE. Downtown Center Business Improvement District

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Q4 2015 MARKET REPORT

2015 Overview SIGNIFICANT REAL ESTATE SALES Property Name

Address

Buyer

Seller

Price

The Roosevelt

727 W. 7th St.

Blackstone Group

Greystar Investment Group, LLC

$100 million

One Bunker Hill

601 W 5th St.

Rising Realty

Downtown Properties Holdings

$92 million

800 Wilshire Tower

800 Wilshire Blvd.

Onni Group

Lincoln Property Company

$81.3 million

The Desmond

425 W 11th St.

AEG

Lincoln Property Company

$48.5 million

AMP Lofts Site

695 S. Santa Fe

Greystar Real Estate Partners

Bolour Associates

$43.4 million

1060 S. Broadway

1060 S. Broadway

Ennismore of London

Andrew Shayne

$30 million

Santa-Mateo Industrial Complex

520-532 S Mateo St.

Carmel Partners

Erwin & Essie Appel Trust of 1975

$24 million

PacMutual

523 W 6th St.

Ivanhoe Cambridge

Rising Realty Partners

$200 million

LA Fashion Mart

1219 Stanford Ave.

Young S Cho

JADE Enterprises

$137.9 million

Brunswig Square

360-374 E 2nd St.

Jamestown

Arenda Capital Management

$60 million

405 Mateo

405 Mateo St.

Hudson Pacific

Zimmerman Development

$40 million

1116-1120 S. Main

1116-1120 S Main St.

JADE Enterprises

Real Estate Group

$24 million

ACE Hotel

927-933 S Broadway

Chesapeake Lodging Trust

Greenfield Partners

$103 million

Avant South Park Apartments

1360 S Figueroa St.

Essex Property Trust, Inc.

Cypress Equity Investments LLC

$96.7 million

4th & Traction

963 E 4th St.

Hudson Pacific Properties, Inc.

Atlas Capital Group, LLC

$49.3 million

Giannini Place

649 S Olive St

The Sydell Group

Chetrit Organization

$39.3 million

1100 E. 5th

1100 E. 5th St.

Boulevard Hospitality LLC

John Rusconi

$15 million

8th+Hope

801 S. Hope St.

Essex Property Trust

Wood Partners

$200 million

6th & Alemeda Produce Mart

1205-31 Wholesale St.

SunCal

Lowe Enterprises

$130 million

Figueroa Courtyard

221 N. Figueroa St.

Rising Realty

US Bank NA

$84 million

1201 S. Grand

1201 S. Grand Ave.

City Century

RKDC Family Trust

$26 million

Q4

Q3

Q2

Q1

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Downtown Center Business Improvement District

Q4 2015 MARKET REPORT

2015 Overview SELECT OFFICE LEASES Tenant

Building

Address

Sq. Ft.

Munger Tolles & Olson LLP

350 Grand

350 S. Grand Ave.

WeWork

The Gas Company Tower

555 W. 5th St.

93,464

Alan Matkin Law Firm

865 Tower

865 S. Figueroa St.

44,248

Boston Consulting Group

City National Plaza

515 S. Flower St.

27,133

Los Angeles Immigration Court

City National Bank Building

606 S. Olive St.

72,210

DLR

The BLOC

700 S. Flower St.

35,362

Cross Campus

800 Wilshire

800 Wilshire Blvd.

27,272

DoubleLine

Wells Fargo Center

333 S. Grand Ave.

25,985

AECOM

One California Plaza

300 S Grand Ave.

112,525

Soylent

Broadway Media Center

207 S Broadway

16,400

ECMC

Citigroup Center

444 S Flower St.

10,183

Capital Group

Bank of America Plaza

333 S. Hope St.

323,000

City of Los Angeles

350 Grand

350 S. Grand Ave.

115,591

Hueston Hennigan

PacMutual Building

523 W. 6th St.

Q4 150,500

Q3

Q2

Q1

21,000

SELECT RETAIL OPENINGS Opened in Q4 464

Cento Pasta Bar

H.D. Buttercup

Urban Seoul

Arts District Brewing Co

Chego

Little Sister

Van Leeuwen Ice Cream

Burlington

GROW Market

Otium

Whole Foods

A.P.C. Boutique

Café Gratitude

Liberty Travel

Shiekh Shoes

American Tea Room

Clifton’s Cafeteria

Malin + Goetz

Sparkle Factory

Articulum General Store

Floyd’s Barbershop

Philz Coffee

Triple 8

Barrel Down

Fogo De Chao

Pitchoun Bakery

Uptown Pup

Bombo

GROW Market

Please Do Not Enter

Vespaio

Broken Spanish

Le Petit Paris

Redbird

Wittmore

Also opened in 2015

Downtown Center Business Improvement District

9

Q4 2015 MARKET REPORT

2015 Overview RESIDENTIAL INVENTORY RESIDENTIAL UNITS

Since 1999

Current Inventory

2,426

15,240

17,666

8,169

25,835

12,013

829

4,807

5,636

2,001

7,637

3,068

8,371

3,776

12,147

0

12,147

253

11,626

23,823

35,449

10,170

45,619

15,334

60,618

17,391

78,008

Before 1999

Market Rate Rental Condos Affordable Total Estimated Population

Under Construction

Total When Complete

Proposed

Estimated Population = #of units x 1.8 residents per unit x 95% occupancy rate

NEW DEVELOPMENT Opened in 2015 Financial District/Bunker Hill

Arts District

Historic Core

eighth & grand* (Residential)

New Broadway Lofts (Residential)

Hanover South Park (Residential)

La Kretz Innovation Campus* (Office)

Level DTLA (Residential/Hotel)

South Park

Fashion District

The Broad (Cultural) Civic Center Da Vinci Building 1 (Residential)

Hanover Grand Avenue* (Residential) The Desmond* (Office) AVANT Phase 2 (Residential)

Clifton’s Cafeteria (Retail) Stanford Plaza* (Retail) The Garment Lofts (Residential)

Began Construction in 2015 South Park

Fashion District

Arts District

Oceanwide Plaza (Mixed Use)

The Maxfield Building (Residential)

Arthouse* (Residential)

Onyx (Residential)

The Los Angeles Proper (Hotel)

500 S. Santa Fe* (Office)

TEN50 (Residential)

Forest City 11H & 12B (Residential)

ROW DTLA (Mixed Use)

Grether & Grether Building (Residential)

AT MATEO (Retail)

Circa (Residential) Mack Urban (Residential) Historic Core Eighth & Spring* (Residential) Broadway Trade Center (Mixed Use) Vibiana Lofts (Residential)

939 S. Broadway* (Residential) Financial District/Bunker Hill 801 S. Olive (Residential)

* = Opened or Began Construction in Q4

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Downtown Center Business Improvement District

The Ford Factory (Office)

Commercial Development n Existing n Under Construction/Renovation n Proposed Opened or began construction in Q4 As of 2/5/16

Downtown Center Business Improvement District

11

Residential Development Q4 2015 MARKET REPORT n Existing n Under Construction/Renovation n Proposed Opened or began construction in Q4 As of 2/5/16

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Downtown Center Business Improvement District

Q4 2015 MARKET REPORT

Downtown Center Business Improvement District

13

Q4 2015 MARKET REPORT

Development: Under Construction Project Name

Address

Residential Units

Hotel Rooms

Office Sq. Ft.

Retail Sq. Ft.

Estimated Completion

Developer

MAJOR MIXED USE FINANCIAL DISTRICT Wilshire Grand

900 Wilshire Blvd.

=

900

350,000

15,000

2017

AC Martin

The BLOC

7th & Flower/Hope

=

=

=

450,000

2015

The Ratkovich Company

Metropolis

Francisco b/w 8th & 9th

1,310 C

350

=

65,000

2018

Greenland

8th & Broadway

=

200

500,000

200,000

2017

Waterbridge

11th & Figueroa

540 C

183

=

180,000

2018

Oceanwide

53

=

=

13,000

2016

Core Development Group

=

HISTORIC CORE Broadway Trade Center SOUTH PARK Oceanwide Plaza RESIDENTIAL ARTS DISTRICT Arthouse

1200 S. Santa Fe Ave.

Garey Building

905 E. 2nd St.

320

=

15,000

2016

Megatoys & Lowe Enterprises

950 E. Third

950 E. 3rd St.

472

=

=

26,000

201

Legendary Development

Da Vinci

909 W. Temple St.

230

=

=

8,200

2016

GH Palmer Associates

Blossom Plaza

900 N. Broadway

240

=

=

20,000

2016

Forest City Residential West

Valencia

1501 Wilshire Blvd.

218

=

=

4,500

2016

Astani Enterprises

6th & Bixel

611 S. Bixel St.

640

=

=

25,000

2016

Holland Partners

1419 W. 7th

1419 W. 7th St.

87

=

=

1,000

2016

Canfield Development

Grether & Grether

730 S. Los Angeles St.

72

=

=

11,000

2016

South Park Group

The Maxfield Building

819 Santee St.

96

=

=

6,000

2016

Capital Foresight

888 Hope

888 S. Hope St.

526

=

=

TBD

2018

CIM

801 S. Olive

801 S. Olive St.

363

=

=

10,000

2017

Carmel Partners

939 S. Broadway

939 S. Broadway

163

=

=

TBD

2017

Barry Shy

Eighth & Spring

737 S. Spring St.

320

=

=

TBD

2017

Holland Partners

Singer Sewing Building

806 S. Broadway

7

=

=

TBD

2016

Anjac Fashion

Topaz

550 S. Main St.

159

=

=

23,000

2017

Jade Enterprises

Broadway Palace

Olympic & Broadway

686

=

=

35,000

2016

GH Palmer Associates

932 S. Hill St.

932 S. Hill St.

18

=

=

5,000

2016

Urban Investment Group

CHINATOWN

CITY WEST

FASHION DISTRICT

FINANCIAL DISTRICT

HISTORIC CORE

LITTLE TOKYO Block 8-D

2nd & San Pedro

240

=

=

16,000

2016

Sares-Regis Group

Vibiana Lofts

114 E. 2nd St.

238

=

=

4,000

2017

Weintraub Real Estate Group

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Downtown Center Business Improvement District

Q4 2015 MARKET REPORT

Development: Under Construction Project Name

Address

Residential Units

Hotel Rooms

Office Sq. Ft.

Retail Sq. Ft.

Estimated Completion

Developer

SOUTH PARK Circa

1200 S. Figueroa St.

648

=

=

40,000

2018

David Y. Lee

TEN50

11th & Grand

151 C

=

=

5,700

2016

Trumark Urban

Hanover Olympic

924 S. Olive St.

263

=

=

14,000

2016

Hanover

1001 Olive

1001 S. Olive St.

201

=

=

4,000

2016

Lennar

Olive and Pico

1200 S. Grand Ave.

640

=

=

42,000

2016

Wolf Partners

Mack Urban Phase 1

11th, Grand, Pico, Hill

362

=

=

6,000

2017

Mack Urban

E on Grand

1249 S. Grand Ave.

112

=

=

5,000

2017

4D Development

Onyx

500 W. Pico Blvd.

410

=

=

42,000

2017

Jade Enterprises

Forest City 11H

156 W. 11th St.

171

=

=

7500

2017

Forest City

Forest City 12B

1201 S. Main St.

214

=

=

7500

2017

Forest City

HOTEL FINANCIAL DISTRICT Freehand Hostel

416 W. 8th St.

=

200

=

=

2016

Sydell Group

Hotel Clark

426 S. Hill St.

=

348

=

=

2016

Chetrit Group

Embassy Hotel

851 S. Grand Ave.

=

183

=

=

2016

Chetrit Group

11th & Broadway

=

151

=

=

2017

The Kor Group

500 S. Santa Fe

500 S. Santa Fe Ave.

=

=

65,000

12,000

2017

Chalmers

AT MATEO

Mateo & Palmetto

=

=

=

200,000

2016

Blatteis & Schnur

Row DTLA (Alameda Square)

7th & Alameda

=

=

1,200,000

200,000

2016

Atlas Property

2045 Violet

2045 Violet St.

=

=

20,000

10,000

2016

DCM

The Ford Building

2060 E. 7th St.

=

=

271,000

=

2017

Shorenstein

City Market South

11th & San Julian

=

=

30,000

100,000

2016

Peter Fleming

Harris Building

110 W. 11th St.

=

=

58,000

6,400

2016

Jade Enterprises

353 S. Broadway

353 S. Broadway

=

=

50,000

10,000

2016

Flatiron Development

527 S. Broadway

527 S. Broadway

=

=

70,000

8,000

2016

King's Arch

The Vail

735 S. Broadway

=

=

40,000

10,000

2016

George Peykar

901 E. 3rd St.

=

=

=

=

2016

Hauser & Wirth

2nd & Broadway

=

=

=

=

2016

GSA

FASHION DISTRICT The Proper (Case Hotel) OFFICE/RETAIL ARTS DISTRICT

FASHION DISTRICT

HISTORIC CORE

CIVIC & CULTURAL ARTS DISTRICT Hauser Wirth & Schimmel BUNKER HILL/CIVIC CENTER Federal Courthouse

TOTAL UNDER CONSTRUCTION

10,170 Residential Units

2,515 Hotel Rooms

2,754,000 Office Sq. Ft.

1,979,000 Retail Sq. Ft.

TOTAL # OF PROJECTS = 51

C = Condo

Downtown Center Business Improvement District

15

Q4 2015 MARKET REPORT

Development: Proposed Project Name

Address

Residential Units

Hotel Rooms

Office Sq. Ft.

Retail Sq. Ft.

Developer

MAJOR MIXED USE BUNKER HILL 2nd & Grand

450

300

47,000

209,000

Related California

9th & San Pedro

945 C

210

TBD

225,000

Peter Fleming

Mack Urban Phase 2

1120 S. Grand/1155 S. Olive

666

300

=

21,000

Mack Urban

1020 S. Figueroa

1020 S. Figueroa St.

650 C

250

=

80,000

Hazens

SoLA Village

1900-1933 S. Broadway

1423

208

=

30,000

PRH LA Mart

811 W. Olympic

811 W Olympic Blvd.

374

373

65,000

Ben Neman

AMP Lofts

695 S. Santa Fe Ave.

320

=

=

20,000

Bolour Associates

Industrial Street Lofts

1525 Industrial St.

360

=

=

12,000

Camden

Alameda & 4th Lofts

360 S. Alameda St.

63

=

=

TBD

1800 E. 7th St.

1800 E. 7th St.

125

=

=

8,000

527 S. Colyton St.

527 S. Colyton St.

234

=

=

13,400

Bolour Assoc

LA Plaza Cultura Village

400 W. Cesar E Chavez Ave.

345

=

=

50,000

LA Plaza de Cultura y Artes

College Station

924 N. Spring St.

685

=

=

40,000

Evoq

1027 Wilshire

1027 Wilshire Blvd.

376

=

=

6,500

Sapphire

1111 W. 6th St.

362

=

=

25,800

1135 W. 7th St.

1135 W. 7th

241

=

=

7,000

675 S. Bixel

675 S. Bixel

422

143

=

=

Onni Tower

820 S. Olive St.

589

=

=

4,500

5-OH

5th & Olive

312

=

=

17,000

Hill Tower Lofts

920 S. Hill St.

239 C

=

=

TBD

4th and Broadway

4th & Broadway

400

=

=

7,000

Medallion 2.0

4th & Main

500

=

=

38,000

Saeed Farkhondehpour

SB Omega

601 S. Main St.

500 C

=

=

25,000

Barry Shy

Title Insurance Building

433 S. Spring St.

250

=

=

40,000

Capital Foresight

The Chelsea

216 W. Fifth St.

28

=

=

TBD

Nick Hadim

955 S. Broadway

955 S. Broadway

250 C

=

=

TBD

Barry Shy

Banco Popular

354 S. Spring St.

212

=

=

TBD

Allen Gross

Beacon on Hill

4th & Hill

428

=

=

2,900

Equity Residential

Spring St. Tower

525 S. Spring St.

360

=

=

9,400

Downtown Management

950 S. Broadway

950 S. Broadway

30

=

=

7,500

GH Palmer

Grand Avenue Project FASHION DISTRICT City Market SOUTH PARK

33,500

RESIDENTIAL ARTS DISTRICT

South Alameda Development Elm Tree Investment

CHINATOWN

CITY WEST Central City Development Jade Enterprises Pangea Development United American Properties

FINANCIAL DISTRICT Onni Group Macfarlane Partners

HISTORIC CORE

16

Downtown Center Business Improvement District

Barry Shy Izek Shomof

Q4 2015 MARKET REPORT

Development: Proposed Project Name

Address

Residential Units

Hotel Rooms

Office Sq. Ft.

Retail Sq. Ft.

Developer

HISTORIC CORE (CONT.) The Hill

940 S. Hill St.

232

=

=

14,000

732 S. Spring

732 S. Spring St.

308

=

=

940 Hill LLC

7,200

Holland Partners

The Alexan

850 S. Hill St.

305

=

=

7000

Trammell Crow

721-813 E. 5th St.

160

=

=

10,000

66

=

=

TBD

Etco Homes

INDUSTRIAL DISTRICT Efficient City Apartments

Dayan Investments

LITTLE TOKYO 118 Astronaut Ellison S. Onizuka St.

Etco Homes SOUTH PARK Onni Towers

1212 S. Flower St.

730

=

=

8,000

Onni Group

1133 Hope Tower

1133 S. Hope St.

208 C

=

=

5,000

Amacon

126 C

=

=

TBD

City Century

29

=

=

TBD

TRG

12th and Grand

1201 S. Grand Ave.

916 Georgia St

916 Georgia St.

1400 S. Figueroa

1400 S. Figueroa St.

106

=

=

4,750

DHG Family Trust

Apex Phase II

900 S. Figueroa St.

341

=

=

15,000

Holland Partners

Six Four Nine Lofts

Wall & 7th

55

=

=

TBD

=

TBD

FLOR 401

Wall & 7th

100

=

1340 S. Olive

1340 S Olive St.

154

=

=

10,700

Grand Residences

1233 S Grand Ave.

150 C

=

=

5,000

Skid Row Housing Trust Skid Row Housing Trust Jade Enterprises City Century

HOTEL FASHION DISTRICT Dart Hotel

820 S. Spring St.

=

14

=

=

Juan Pablo Torre

NoMad Hotel

515 W. 7th St.

=

241

=

=

Sydell Group

419 S. Spring

419 S. Spring St.

=

TBD

=

=

PNK Group

Lizard in Los Angeles

631-633 S. Spring St.

=

176

=

=

Lizard Capital

701 S. Hill St.

=

165

=

=

Young Ju Kwon

JW Marriott Expansion

Olympic & Georgia

=

755

=

=

AEG

1130 S. Hope

1130 S. Hope St.

=

44

=

=

Kevin Burke

4th & Traction

963 E. 4th St.

=

=

100,000

30,000

SoHo House

1000 S. Santa Fe Ave.

=

=

TBD

TBD

718 S. Hill St.

=

=

45,000

7,000

HISTORIC CORE

JEWELRY DISTRICT Foreman & Clark SOUTH PARK

OFFICE/RETAIL ARTS DISTRICT Hudson Pacific Properties SoHo House

JEWELRY DISTRICT 718 S. Hill

TOTAL PROPOSED

15,334 Residential Units

2,876 Hotel Rooms

225,000 Office Sq. Ft.

1,054,000 Retail Sq. Ft.

Urban Blox TOTAL # OF PROJECTS = 55

C = Condo

Downtown Center Business Improvement District

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Q4 2015 MARKET REPORT

Featured Projects: Major Mixed Use

UNDER CONSTRUCTION

METROPOLIS

Developer: Greenland This $1 billion project in South Park will include 1,310 condos, a 350 room Hotel Indigo, and over 60,000 square feet of retail to be completed 2016-2018.

UNDER CONSTRUCTION

WILSHIRE GRAND CENTER Developer: AC Martin

At 73 stories, this $1 billion undertaking in the Financial District will be the tallest building west of the Mississippi and the first new office tower in Downtown in over 30 years when it opens in 2017.

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Downtown Center Business Improvement District

Q4 2015 MARKET REPORT

UNDER CONSTRUCTION

OCEANWIDE PLAZA Developer: Oceanwide

Across from Staples Center and L.A. LIVE in South Park, this $1 billion project will include 540 condos, 183 hotel rooms, and almost 200,000 square feet of retail.

PROPOSED

1020 S. FIGUEROA Developer: Hazens

At a cost of $700 million, Downtown’s latest mega-project in South Park will have 650 condos, 250 hotel rooms, and 80,000 square feet of retail.

Downtown Center Business Improvement District

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Q4 2015 MARKET REPORT

Featured Projects: Residential UNDER CONSTRUCTION

801 S. OLIVE

Developer: Carmel Partners Across the road from their just-opened eighth and grand project, Carmel Partners has begun construction on this 33 story tower in the Financial District with 363 apartments and 10,000 square feet of retail.

UNDER CONSTRUCTION

OLIVE & PICO

Developer: Wolff Partners With 640 apartments and 42,000 SF of retail space, this is one of four projects under construction along Pico Blvd in South Park.

UNDER CONSTRUCTION

EIGHTH & SPRING

Developer: Holland Partners The first of several new high-rise projects in the pipeline near the Historic Core, this development will have 320 residential units and significant ground floor retail space.

UNDER CONSTRUCTION

TEN50

Developer: Trumark Urban One of three condo projects under construction, this 22-story tower in South Park will have 151 units, ranging in size from 700-1,350 square feet.

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Downtown Center Business Improvement District

Q4 2015 MARKET REPORT

Featured Projects: Office

UNDER CONSTRUCTION

UNDER CONSTRUCTION

Developer: Waterbridge Capital

Developer: Atlas Capital

With over 1 million square feet of space that has been vacant for years, this project will transform almost a full city block at Broadway and 8th in the Historic Core.

This massive undertaking in the Arts District will transform 1.5 million SF of industrial space into a creative office and retail destination.

UNDER CONSTRUCTION

PROPOSED

BROADWAY TRADE CENTER

FORD FACTORY

ROW DTLA

4th AND TRACTION

Developer: Shorenstein

Developer: Hudson Pacific

Scheduled to open in 2017, the former Ford Factory in the Arts District is being revitalized into a state-of-the-art 250,000 square foot office destination for creative and knowledge-sharing companies.

The former Coca-Cola bottling facility in the Arts District is being revitalized into a high-design creative space with luxury amenities.

Downtown Center Business Improvement District

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Q4 2015 MARKET REPORT

Featured Projects: Retail UNDER CONSTRUCTION

THE BLOC

Developer: The Ratkovich Company This summer, the roof came off the former Macy’s Plaza, which will re-open in 2016 as an open-air, pedestrian-friendly retail center anchored by a completely renovated Macy’s flagship store in the Financial District.

UNDER CONSTRUCTION

AT MATEO

Developer: Blatteis & Schnur The largest retail project in the Arts District will feature open-air pedestrian walkways and architecture that reflects the industrial surroundings.

UNDER CONSTRUCTION

CITY MARKET SOUTH Developer: LENA Group

Originally part of the oldest produce market in Los Angeles, this project promises to bring a new level of dining, retail and creative office to the heart of the Fashion District.

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Downtown Center Business Improvement District

Q4 2015 MARKET REPORT

Featured Projects: Hotel PROPOSED

JW MARRIOTT EXPANSION Developer: AEG

Formerly proposed as a Renaissance Hotel, AEG has chosen to move forward with an expansion that will bring over 700 rooms and a pedestrian bridge for better access to the Convention Center.

PROPOSED

NOMAD HOTEL

Developer: Sydell Group UNDER CONSTRUCTION

This is the second project from the Sydell Group within one block, with construction already underway on their Freehand Hostel.

THE LA PROPER

Developer: KOR Group Situated south of the Ace Hotel, this historic conversion in the Fashion District promises to expand the boundaries of Broadway’s revival.

2015 DTLA TOURISM DATA FROM L.A. TOURISM & CONVENTION BOARD

18.9m

Total number of visitors to DTLA

1.3m

Total number of hotel guests in DTLA

4.4

Average number of days staying in a hotel in DTLA

$84.50

Average daily spend per person in DTLA

Downtown Center Business Improvement District

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Q4 2015 MARKET REPORT

Featured Projects: Civic & Cultural UNDER CONSTRUCTION

EXPO LINE EXTENSION Developer: Metro

This light rail line is already a massive success from 7th/Metro Center to Culver City. The extension to Santa Monica, opening early 2016, promises to reshape how people think about transit and create new opportunities for Downtown and connections to the Westside.

UNDER CONSTRUCTION

REGIONAL CONNECTOR Developer: Metro

This 1.9-mile underground light rail extension set to open in 2020 will provide a one-seat ride for north/south and east/west travel across Los Angeles County through the heart of Downtown.

UNDER CONSTRUCTION

6th STREET VIADUCT

Developer: City of Los Angeles The iconic Sixth Street Viaduct is being demolished and replaced. The new bridge’s community features will enhance the vital connection between the growing Arts District on the west side of the Los Angeles River and historic Boyle Heights on the east side.

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Downtown Center Business Improvement District

Q4 2015 MARKET REPORT

Featured Projects: Civic & Cultural PROPOSED

PERSHING SQUARE

Developer: Pershing Square Renew and City of Los Angeles Made possible through a collaboration between government, community and business, an international design competition is underway that will transform the city’s oldest park into a world-class public space.

UNDER CONSTRUCTION

LA STATE HISTORIC PARK

Developer: California Department of Parks and Recreation This 32-acre park adjacent to Chinatown is undergoing a multimillion-dollar renovation including new permanent facilities, pathways, and unique spaces for public events.

PROPOSED

LA CONVENTION CENTER RENOVATION

Developer: City of Los Angeles Moving forward without a football stadium, the LA Convention Center has chosen a design by HMC Architects and Populous that will expand and modernize the facility to help attract top-tier events to Downtown LA.

Downtown Center Business Improvement District

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Q4 2015 MARKET REPORT

Spotlight on DTLA: Local Media 12/21/15

HERE ARE THE FOUR TEAMS THAT WILL COMPETE TO REDESIGN DOWNTOWN LA’S HATED PERSHING SQUARE

After opening the competition in September, officials with Pershing Square Renew chose 10 preliminary proposals for a redesign. Now, they’ve whittled those 10 semifinalist teams down to just four. — Curbed LA

12/8/15

FIRST METROPOLIS HIGH-RISE TOWER TOPS OFF IN DOWNTOWN LA

Chinese developer Greenland USA topped off their first tower with a ceremony marking another big step forward as the massive 6.3 acre site begins to truly take shape with all four towers now rising simultaneously. — DTLA Rising

12/7/15

DOWNTOWN OFFICE VACANCY RATE FALLS

The Downtown Center Business Improvement District last week announced that the office vacancy rate in the third quarter of the year was 18.4%, down from 20.4% in the same period in 2014. — Downtown News

11/17/15

FËN HOTELS FLAG CHOSEN FOR TRINITY AND CLARK IN DOWNTOWN LA

The long-vacant Trinity Auditorium and Hotel Clark — two historic gems owned by NY-based Chetrit Group — are finally about to open early next year as two new boutique hotels under the Fën Hotels brand from South America. — DTLA Rising

11/11/15

IS THE NEW WHOLE FOODS A GAME CHANGER FOR DOWNTOWN LOS ANGELES?

For Andrew Culp, who has lived in downtown Los Angeles for the last two years, a simple grocery shopping trip has been an expedition. So you might have some understanding of how he feels about the new Whole Foods at Eighth and Grand: “At the risk of sounding ridiculous,” Culp said, “I think this new Whole Foods is going to change my life.” — LA Times

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Downtown Center Business Improvement District

Q4 Q4 2015 2015 MARKET MARKET REPORT REPORT

Spotlight on DTLA: US & Global Media

SEPTEMBER 2015

WHY EVERYONE SHOULD STAY IN DOWNTOWN L.A.

“Thanks to an influx of exciting restaurants and bars, as well as the arrival of L.A. Live, Downtown L.A., affectionately called DTLA, is becoming a must-visit neighborhood in Los Angeles, even for Angelenos.”

MAY 2015

LOS ANGELES AND ITS BOOMING CREATIVE CLASS LURES NEW YORKERS

Long a gritty urban backwater, Downtown has become a trend factory, brimming with Beaux-Arts loft condos, galleries, groundbreaking restaurants like Baco Mercat and, inevitably, a new Ace Hotel to serve as “Portlandia” south

DECEMBER 2014

10 TOP DESTINATIONS TO VISIT IN 2015

“Exciting new hotels like the Ace, stores like Acne Studios and food venues like the revamped Grand Central Market – in addition to the recently completed $3 billion sports and entertainment complex known as LA Live – have injected downtown with a jolt of energy that’s helped lure visitors and residents away from LA’s sunny perimeter and into its urban core.”

AUGUST 2014

THE BEST NEW RESTAURANTS IN AMERICA 2014

“Over the past year, Grand Central Market, much like the rest of Downtown L.A., has seen a remarkable renaissance. When I first started going to GCM a decade ago, it was for tacos and a glimpse into a world much different than what you’d find in, say, Malibu. It was authentic, if a bit gritty. Some of the food was good; much of it wasn’t. But now, with new stands joining the fray, it’s great... it’s that rich and varied diversity that makes the market—and Los Angeles as a whole—unique.”

JANUARY 2014

AMERICA’S NEXT GREAT CITY IS INSIDE LA “The new capital of cool in the US…America’s new great city.”

Downtown Center Business Improvement District

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PLEASE CONTACT THE DCBID WITH ANY QUESTIONS YOU MAY HAVE. NICK GRIFFIN Director of Economic Development (213) 416-7522 [email protected] ELAN SHORE Economic Development Associate Research and Special Projects (213) 416 -7518 [email protected] JULIA MARINO Economic Development Associate (213) 416 -7529 [email protected]