Downtown Los Angeles Loft Living: The New Urban Revival

The Dilemma
Since the 1950’s, real estate in Downtown Los Angeles has been mostly commercial and office space, with very little residential activity. Los Angeles was the original model for the "suburban" way of life: drive downtown to work but live a short distance away in a dedicated residential area. However, over time, that “short distance” became 10 miles, which increased to 20 miles as suburban sprawl grew to keep up with the population. As a result, Los Angelinos suffered the traffic and commuting nightmares we see today. Sadder still, Downtown Los Angeles began losing tenants as companies moved their offices elsewhere.

The Solution
With the arrival of a new generation of civic and business leaders at the turn of this millennium, Downtown Los Angeles has taken the initiative to define its next era: the urban lifestyle motif. Let's return to the days when living in the city was considered the height of style, identity and convenience.

By passing a record number of revitalization programs and zoning laws, Los Angeles is resurrecting the magic of its heyday by recreating an entirely "new" Downtown – boutique city living. In the next 12 months alone, there will be 10,000 new residential units, with 30,000 new residents moving to Downtown in the next 3 years. Classically ornamented bank buildings from the 1920s-1930s have been converted into affordable lofts and condos; fashionably appointed condos are being erected along major corridors like Figueroa, Flower and Grand. In a blink and wink, Downtown Los Angeles has reinvented itself to compete with New York City and Chicago as “the place to live”. The latest and greatest developments recently completed include Eastern Columbia, Luma and Elleven, while Evo, Chapman, Brockman, and Roosevelt are slated for occupancy in 2008.

Date: Tuesday, February, 26th 2008 @ 12:45:01 AM
Views: 759

Be the First to Comment on this Post!.

Back