Wednesday, February 23, 2005

going up

LA downtown news is chock full of real estate and development stories. First, the grand avenue project's ambitious plans for residential high-rises to create a sense of density similar to New York and Chicago (apparently, they haven't heeded eric owen moss' advice for LA to find its own meaning for downtown and avoid replicating other cities).

also covered - the uphill struggle city planners, BID executives and community leaders face in attracting retail to the neighborhood. even with deep financial incentives to lure retailers like Ralph's supermarket, its a hard sell, requiring education on the demographics, income and buying power of the neighborhood. most resistant to downtown? trader joe's.

cedd moses, who owns the golden gopher, discusses the success he's found downtown:

Moses said he expected the club to struggle for at least a year. Instead, in three months profits came in at 50% above initial projections. Now the company is set to open its second venture this April, an 8,000-square-foot bar at the restored Orpheum Theater. Moses also opened a delivery service this month that provides liquor, cigarettes and other items to Downtown residents and hotel guests from 7 p.m. to 2 a.m.

so downtown residents will have to wait for their trader joe's maple pecan cluster cereal, but they can get their vodka and smokes delivered at 2am. actually, that sounds JUST like new york.

The two proposed 30-story towers around the Pacific Exchange building in City West exemplify the likely future development of Downtown, where high-rises are once again in favor. Rendering courtesy of Golden Hill Properties. from LA Downtown News.


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