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Downtown Los Angeles Revival Going Strong

  Business  -   POSTED: 2007/02/15 00:32

Downtown Los Angeles is undergoing a real estate revival of epic proportions. And the Los Angeles Urban Redevelopment Group and its people are in the thick of it.



In just the last few years, the number of downtown residents has increased by over 30%, from 18,000 to 24,000. Early next year, the Ralph's supermarket chain will be opening the first new supermarket in the downtown area in decades. And bistros, bookstores and coffeehouses are sprouting on the ground floors of numerous historical buildings that have been redeveloped over the last few years into loft-type residences.

Although business has long been L.A.'s heart, its arts and cultural institutions have given life to its soul in recent years. Each year, thousands come to watch Esa -Pekka Salonen conduct the Los Angeles Philharmonic at the Frank Gehry-designed Walt Disney Concert Hall; view avant-garde works at the Museum of Contemporary Art; or tour the magnificent Cathedral of Our Lady of the Angels.

Free outdoor concerts by Grand Performances at California Plaza during the summer months offer an eclectic mix of music, dance and spoken word programs. The Museum of Neon Art houses a unique collection of neon signs from many Los Angeles landmark buildings.

Nearby Exposition Park draws hundreds of thousands of people annually to the California Science Center and IMAX, Natural History Museum and California African-American Museum. The City's ethnic diversity is also reflected by the Japanese American National Museum located in Little Tokyo.

World-class athletic teams and venues offer sports fans a wealth of choices: the Dodgers at their longtime home in Chavez Ravine just north of the Downtown Center District; plus the Kings, Lakers, Avengers, Sparks and Clippers playing at the Staples Center.

The Los Angeles Urban Redevelopment Group's unmatched track record in Downtown spans from the pioneering sale of the first major loft conversion at the Historic Bank District, the 1½ city block Gas Company land assemblage, and the placement of the first major supermarket in Downtown in over 45 years – a 50,000 square foot Ralphs grocery store.  Each of the aforementioned transactions have one common thread: the Los Angeles Urban Redevelopment Group defied what current market conditions were dictating and uncovered value for both sides of the transaction based upon our insight into the upside of Downtown Los Angeles.

Downtown Los Angeles is finally becoming the world-class live/work/play location that it's always been destined to be. And the Los Angeles Urban Redevelopment Group is very much a part of it.

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