Downtown Los Angeles has $3 billion in new construction projects currently under development, according to a report from the DCBID. The strong activity is a sign that developers are committed to city living, despite some outward migration from big cities last year.
Ongoing projects include Related Company's $1 billion mixed-use project The Grand, luxury high-rise apartment towers from Brookfield Properties and Mitsui Fudosan and signature hotels from Lightstone Group and CitizenM. In addition, there were five new ground breakings in 2020.
"There was an underlying motivation particularly among real estate companies," Nick Griffin, executive director at the DCBID, tells GlobeSt.com. "They really said that this is a challenge and they would take a hit now but come out of this crisis, but that they would come out of this stronger. There is every indication that we are going to have a roaring economic recovery. Once the vaccine kicks in, there is every indication that the economy is going to boom. I think that a lot of the real estate companies are going to look at that and are preparing to catch the tailwinds when we come out of this."
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Kelsi Maree Borland
