hello, neighbor: 2008′s ‘lofty’ goals (nearly 3,000 new units!)
Want to know how Downtown was able to attract new restaurants and nightlife destinations in 2008?
It’s simple: Middle-income renters and buyers are moving Downtown in droves, with 2,969 new residential units (full list after the jump), both for-sale and for-lease, joining the market this past year. Brand-new homes range from the 311-unit, luxurious “green” Evo building in South Park — with prices to match — to Chinatown’s 55-unit Yale Terrace, affordable housing for low-income families.
Sure, the increase in rental stock means apartment occupancy has dipped to 85%, says the Downtown News, but that should even out as rents stabilize in most buildings and absorption continues.
More residents in Downtown means more eyes on the street, more money flowing into the neighborhood to support our businesses, and more exposure to the world (and to the rest of a sometimes skeptical Los Angeles) by way of visiting friends and relatives.
For the time being, it appears as though our economic environment precludes the construction of much new market-rate housing in 2009, so we’ll have to make do with what’s already under construction for the foreseeable future.
Still, Downtown has come a long way over the past decade and will continue to grow well into the new year. It’s time for another Meet Your Neighbor event.
How do you like living in Downtown LA? Let us know in the comments!
Historic Core/Broadway/Jewelry District
- The Chapman (168 rental units)
- Great Republic Lofts (72 for-sale units)
- The Judson (60 rental units)
- NCT Lofts (93 rental units)
- SB Lofts (184 rental units)
- SB Manhattan (198 rental units)
- Union Lofts (92 rental units)
Financial District/Bunker Hill
- The Brockman (80 rental units)
- The Roosevelt (Grand opening; move-ins begin early 2009) (222 for-sale units)
Little Tokyo/Arts District
- Artisan on Second (118 rental units)
- Mura (190 for-sale units)
South Park
- 717 Olympic (151 rental units)
- Evo (311 for-sale units)
Chinatown
- Orsini Phase II-b (180 rental units)
- Yale Terrace (55 rental units)
City West
- Belmont Station (275 rental units)
- Bixel at Fifth (80 rental units)
- Canvas LA (204 rental units)
- TenTen Wilshire (227 rental units)
29 comments
i heart downtown. been here for almost 3 years now and the growth is INSANE. my block [flower between 8th and 9th] looks NOTHING like it did when i moved in. it’s actually a little village now, and a great place to live.
and i’ve come to appreciate all the different ‘hoods downtown and see something unique in each of them. downtown is really something special and i’m happy to be a part of it.
and thanks Rich for enhancing the experience of living downtown!
happy holidaze everyone!
Moving downtown in 1988, starting an art gallery, working with the local community artists has been a thrill for me every step of the way. Moving to Santa Monica/Venice opening and running 2 art galleries, was also a thrill. As my contacts from downtown carried me through whatever I did on the Westside.
Now living here downtown again, I see what we had dreamed of back in 1988 actually massing into a real community.
I miss the beach mucho.
But there wasn’t the energy on the Westside like there is here within the entrepreneurial and art communities. It’s the energy that makes it a thrill to live Downtown. It’s definitely not my apartment.
Happy Holidays from Weeneez and the Julie Rico Gallery We are open for Breakfast on Friday the day after X-Mas.
Bring on the lower priced rents! Left Downtown earlier this year when I decided it was too pricey to extend my lease. Can’t wait to get back down there.
6 years later still love living here. glad I bought even though the market is inthe crapper, it’s cool…………… never planned on flipping my investments down here, it was always a long term thing .
Lived in South Park the last 3 years and have loved every minute. We have seen some major changes in our neighborhood, and the future looks even more exciting. We bought a condo at Elleven and I think the prices long term will be much, much higher…but we have to hold out for the next 5 years until the market stabilizes and growth continues. For now, I’m just glad I have a good loan and I’m not a speculator. Go Downtown! Happy holidays!
Downtown is dramatically changing. It is awesome that there are actually different communities springing up all over downtown making it a cultural hot pot.
Is there a reason why the Continental was left off the list?
ndevelopment: Because the Continental didn’t open in 2008.
These are all the buildings that have opened just this year. The Continental was part of the Old Bank District development that helped usher in the latest wave of adaptive reuse conversions, back in 2000.
I think the great thing about Downtown is the future. As the buildings in the historic core continue to revitalize, the streets will see more and more foot traffic. To see Nickel Diner listed in LA Magazine as one of the top 10 new restaurants of 2008 is amazing. I visited Urth Cafe last week and the place has such a great vibe (as well as the food). Here’s to 2009 and hoping to see an even more vibrant Downtown. Merry Christmas everyone!
Hey Rich! Is there a more comprehensive list of rent vs own real estate in DTLA? I’m starting to go on the prowl and shopping for a place by Oct 2009.
Merry Xmas and Happy Holidays Angelenic!
Check out THE MANDEL LOFTS in South Park – they have 55 Unit luxury Lofts aross from The Seven Grand. They opened in Feb 08′ and only have 4 left. Pretty cool for the area…………plus all the Christmas Spirit of that cool 7-Eleven. Did you that Santa on the motorcycle funny stuff. http://www.themandel.com
You beat me to the punch Rob
I was excited and happy when i saw the LA mag January 2009 issue and the Nickel Diner was listed at #3 , even had a picture.
And to see the Hotel tower at LA live from say like the 4th bridge is an awesome thing. Downtown LA is getting better.
And Rich I sincerely appreciate your hard work with Angelenic.
Thanks for caring and sharing.
I love downtown. Extreme urban living as Los Angeles is concerned. I love the notion that the entire community is here: dining, arts, movies, bars and work. I’m still trying to get a Project Manager or Coordinator position in downtown, so I can walk to everything. Contact me if you have a lead. I also love the so much is so close if I need to get out. Happy holidays to all and hope to see more of you in 2009.
Downtown is good but its not great. Until the city starts creating more outdoor space and new out door cafes, downtown still remains less people friendly. The homeless situation also needs to get under control. What’s the good of a new place to eat when someone is asking you for money? Or taking up your the space without being a paying customer.
I don’t live downtown but I’ve worked there in the past and have made it a point to support downtown weekly. Its incredible watching downtown progress and every time I take someone down there for the first time I feel less and less nervous about what they’ll have to say.
My family has been in Downtown LA since 1886. I have lived in Downtown since 2000. I only wish my grandmother who would always bring me Downtown to Clifton’s could see this now (she died in 1994). The last time we met in Downtown was late 1970′s in the little coffeeshop on the second floor of the Bradbury building. She was sad because the Downtown she knew and loved was slowly melting away. “Burla, your Downtown is back!!” Thanks to all that have made this possible.
Don Noyes-More
I agree with the above poster who described downtown as good, not great. Evolution is healthy but I don’t welcome this forced notion of “community,” largely as it’s mostly a marketing tactic of the privileged.
Let’s not kid ourselves with the Old Bank District “neighborhood,” for example, that is realistically two Gilmore blocks with private security patrol on one axis. It’s not a neighborhood. With “community” comes a mommification of an urban area who “want it safe for my little one!!!” and nothing will take away what makes downtown unique faster.
I have long reveled in the momentary chaos downtown that’s largely absent from other places in Los Angeles. It’s this chaos that keeps a weird experiment like what downtown possible.
Downtown is nice but it’s not Hollywood yet. I think that’s what people want it to become.
For those of us that have lived Downtown over the past few years, we will probably always look back on this time fondly. Though we dream of the change the future will bring, it is the small interwoven community that exists now that will always be unique. Running into the same person multiple times in a week, walking on a quiet street on the weekend, enjoying a roof deck with a small group of people. Hopefully these experiences and the friendliness of Downtown last into the future.
Congratulations on almost fully leasing the Mandel! It’s a beautiful building.
But saying it is in South Park is pushing South Park’s increasing elastic boundaries a little past the breaking point. That area is firmly in the Financial District, but as it becomes more residential – there might be a new future name for that part of the financial district.
I notice former contributor Stephen Friday has a recent set of photos of one of the newest housing projects in downtown:
http://www.flickr.com/photos/fridayinla/3117418004/
Speaking of which, if Friday still hasn’t left for Europe, and has some spare time to take lots of photos of Bixel at Fifth, why doesn’t he contribute, at least on occasion, to angelenic?
I don’t want to stir things up, but I have no reason to believe you folks didn’t part company amicably. Still, his absence from this blog a few months ago did seem overly sudden and final, and I miss his contributions.
LAgrl: Thanks for the concern, but I can guarantee you that Stephen and I are, have been and will continue to be great friends. His decision was to move in February and that’s still the case.
I miss his contributions too!
@ Seb- Actually we DON’T want it to become Hollywood- thats why we moved here! I love going to association and NOT seing 19 year old wanna be actors throwing up all over the place. Downtown isnt where it can be- but its getting there. And I couldn’t be any happier with the fact that its NOT Hollywood.
Wish we had more parks/green space.
You know in a couple of months, The Association is going to be Cheeseball Central. It’s already starting. I live across the street and have witnessed screaming nitwit girls and dickless wannabe thugs duking it out outside.
At least Hollywood has good bakeries.
The only thing downtown real estate is missing is middle income housing (they have this in parts of NYC). Some of us are part of the upwardly mobile middle class and cant afford a $500K+ loft but cant qualify for affordable housing. Is there a place for a young, professional couple to call home in downtown for less than 400K and more than 600 sq. ft.? We can do without granite countertops and travertine floors… formica and laminate floors will do just fine… if not, then off to the suburbs we go
Talking to a couple of friends who also live downtown. We’ve all lived in other cities that downtown LA is aspiring to be but are realizing 1) how small it is down here and 2) how pokey the change is. There’s also this strange suction quality about downtown that unfortunately makes you not leave, but not because downtown is so great, but rather, to avoid the hassle of coming and going. We’ve all put in a couple of years now and find it funny when people register excitement with the opening of a 7-11.
Anyone else done with being part of the experiment?
^ #26, I’ve been where you are before. Last year, I was almost priced out of the Downtown market and lost a lot of confidence in the neighborhood until I found myself a good deal, thereby fixing my main issue.
I’ve also wondered whether this little experiment in urban Los Angeles living wasn’t panning out the way I wanted.
But then I’d look back on where the neighborhood was last year, the year before that and then where it was when I first started exploring Downtown. It’s massive.
Even within the past six months, Main Street between 5th and 7th has just completely changed. There’s enough here now and in the pipeline to keep me occupied for a long time.
I knew when I first moved here that this was going to be a long-term thing. I didn’t want it to become Manhattan-like (upscale everything, the loss of the middle class) and I’m glad it’s not that just yet. The change is what I adore.
One day in the far-off future I may look around and see that my beloved Downtown has reached a point of stagnation. At that point I may decide another neighborhood or even another city is better for me. I hope that day doesn’t come for a long time.
The real problem with living downtown right now is there still isn’t enough cafes, restaurants, or convenience stores that are open past early evening. What good is a rite aid if it closes at 7. What good is a bodega if it closes before 10. What good is a coffee shop/cafe if it closes before 9.
^ My main concern is the lack of late-night coffee options. Lost Souls closes at 10, and the various Starbucks aren’t open that late.
When I can’t sleep or during weekends, I have to head over to Koreatown for some late-night coffee.
Lost Souls, hear our plea!