Carol Schatz has announced her retirement from the Downtown Central Business Improvement District. Schatz has been a pillar of the renaissance in Los Angeles through the DCBID, which she launched in 1998 and has served has president since its inception. Suzanne Holley, the DCBID's EVP and COO, will succeed Schatz as president of the DCBID upon her retirement at the end of the month, while Nick Griffin, SVP and director of economic development, will become executive director of the DCBID.

“I didn't easily come to the decision, but I started to make arrangements when I left Central City Association. That was the first step. I am a workaholic, but I think even workaholics get to a point where they decide that you have done a good job and it is time to do other things,” Schatz tells GlobeSt.com. “It is time to be able to relax and unwind—although I have always failed at R&R. My hope is to be able to do some interesting travel, but I intend to stay connected. I consider what has happened Downtown to be, at least partially, my baby. You can't give that up, and so I will stay connected because I have so much invested in the Downtown revitalization.”

During Schatz's tenure as president, the Downtown Los Angeles submarket has experienced tremendous growth, with 30,000 new units of housing and a current pipeline of 10,000 more under construction and 34,000 units proposed. She has helped attract new businesses to the market and watched the population grow from 18,000 residents to 72,000. “What has been most gratifying is being a leader in creating this residential movement with the adaptive reuse ordinance, which was critical to making the downtown market thrive,” says Schatz. “We have created a fun downtown and a foodie downtown, and it is now a 24-7 downtown. I think that is the most extraordinary part of this renaissance. Downtown now has international recognition. We are getting interest from all over the world, and more than $30 billion been invested. The benefit has spilled into every neighborhood in the city, and that is very gratifying. And, looking at that skyline is very gratifying.

The growth of Downtown Los Angeles is not slowing. In fact, the population is expected to grow rapidly over the next decade, and the housing pipeline is continuing to grow. The DCBID's mission and support will not cease under its new leadership. “What we have built is a very solid foundation, and the basic component of an environment in which investment and growth can thrive,” says Schatz. “I think that much of that will continue. Susan and Nick are innovative, and I think there will be many more interesting programs and initiatives that they will come up with. During the recession, some developers definitely lost their shirts, but we were able to keep up the buzz and fill units. We kept that buzz going, and that is one of the important responsibilities of the business improvement district—to keep people informed that something exciting is going on. That will continue to be a core initiative going forward.”

Instant Insights /

How the DCBID Will Go On Without Carol Schatz?

Related Stories

Recommended For You