Arts District Expands Further in Downtown Los Angeles
The Los Angeles City Council approved a plan to expand the southern boundary of the Arts District, paving the way for redevelopment of the mostly industrial area between Sixth and Seventh streets just west of the L.A. River. Councilman Jose Huizar made clear the intentions of the council to continue new residential growth in the area, "We already have spot residential development occurring in that area," referring to the area surrounding the southern part of the Arts District. This is a residential community that wants to grow. I say, let it grow. It's a great place to allow for a community to be created. It's right next to the river, where we hope to revitalize in the near future."
Clearly, the Arts District is the next wave in Downtown L.A. As was stated many times before on these blogs, once the L.A. River Park project is complete, the Arts District will be among the most desirable real estate properties in Downtown. Keep an eye on the Biscuit Lofts and Toy Lofts - their value will only increase as these plans take fruit in the coming years. Investors interested in the "next big thing" should take a look at investing in industrial property adjacent to the Arts District or along the edge of the District -- it's only a matter of time before L.A. is flush with construction again. Who wants to be there when the revival starts?
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