LOS ANGELES—In many ways, the renaissance in Downtown Los Angeles came after tremendous support from local governments and the community. The Staples Center and the adaptive reuse ordinance have both been hailed as catalysts, but the promotion from organizations like the DCBID and the intimate involvement of city council members, like Jose Huizar's Bringing Back Broadway movement, certainly helped. Long Beach is starting to get similar support to fuel its renaissance, which is well underway with a multifamily development pipeline of 2,000 units.
“People are starting to recognize that all of the elements are there the area to thrive,” Brett Betzler, director at Moran & Co., tells GlobeSt.com. “The City and local governments are investing a lot in Downtown Long Beach. There is a huge civic center project that just broke ground, where the old, run-down civic center on a 16-acre campus is going to be scraped and the City is going to build an entirely new civic center with a huge public library. There was a courthouse that was crumbling and has been entirely rebuilt, so there is a lot of capital that is coming in to Long Beach.”
In an earlier story, GlobeSt.com reported that the market was attracting institutional capital, and competing with other high development markets, like Glendale and the Arts District. While the City is showing its commitment to the success of Long Beach, developers are also showing their commitment as well. Betzler says that he has seen multiple offers on multifamily opportunities that come to market, especially the few opportunities available for institutions. “People see these patterns playing out, and investors recognize that they can put there money in this market and in five years it is going to be a very different place than it is now,” he says.
While the multifamily pipeline is robust, the market has yet to attract condo development or condo projects, according to Betzler. However, if his forecast pans out, those types of projects may not be far off. This is definitely a market we will continue to watch.
LOS ANGELES—In many ways, the renaissance in Downtown Los Angeles came after tremendous support from local governments and the community. The Staples Center and the adaptive reuse ordinance have both been hailed as catalysts, but the promotion from organizations like the DCBID and the intimate involvement of city council members, like Jose Huizar's Bringing Back Broadway movement, certainly helped. Long Beach is starting to get similar support to fuel its renaissance, which is well underway with a multifamily development pipeline of 2,000 units.
“People are starting to recognize that all of the elements are there the area to thrive,” Brett Betzler, director at Moran & Co., tells GlobeSt.com. “The City and local governments are investing a lot in Downtown Long Beach. There is a huge civic center project that just broke ground, where the old, run-down civic center on a 16-acre campus is going to be scraped and the City is going to build an entirely new civic center with a huge public library. There was a courthouse that was crumbling and has been entirely rebuilt, so there is a lot of capital that is coming in to Long Beach.”
In an earlier story, GlobeSt.com reported that the market was attracting institutional capital, and competing with other high development markets, like Glendale and the Arts District. While the City is showing its commitment to the success of Long Beach, developers are also showing their commitment as well. Betzler says that he has seen multiple offers on multifamily opportunities that come to market, especially the few opportunities available for institutions. “People see these patterns playing out, and investors recognize that they can put there money in this market and in five years it is going to be a very different place than it is now,” he says.
While the multifamily pipeline is robust, the market has yet to attract condo development or condo projects, according to Betzler. However, if his forecast pans out, those types of projects may not be far off. This is definitely a market we will continue to watch.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.