acres near LA Live that will include a 350-room luxury
hotel as well as a 38-story residential tower with about
300 units. Late last year, Beijing’s Oceanwide Real Estate Group bought Fig Central, a 4.6-acre site near the
Staples Center currently being used mostly as parking
lots. And South Korean conglomerate Hanjin International—which owns Korean Air—is spending more than
$1 billion to build a 73-story tower called Wilshire Grand,
set to become the West Coast’s tallest tower when it
opens in 2017.
Although on the rise, residential and office rents are still
reasonable and entice former outsiders into downtown
for housing and commerce. An average rental price for
a loft is $2.75 a square foot and can offer all the amenities of suburbia, like pools and gyms, indoor basketball
courts and treelined common spaces. Office rents are
available in many “Class A” buildings for around $3.50 a
square foot.
Of course we still have important city issues that need to
be tackled. Downtown’s 50-block “Skid Row” neighborhood has the highest concentration of homeless people
in the country. Rather than ignore the problems of our
homeless population, downtown residents are working
hard to address the problem with viable solutions such
as improving services and offering classes or holding
“mock interviews” for those trying to get back into the
workforce, and donating food, clothing and sanitary
items to those in need. There are several organizations
in place that you can join, too, by simply making a quick
phone call. I believe that it is paramount that residents
of DTLA help to solve the issues of our city. Please get
involved!
I am proud to say that our company, LA LOFTS | Realty
®, celebrates 10 years in Downtown L.A. this year! We
seek to continue to bring you the most up-to-date information and “inside” news about details of the market
that will assist in helping you find your perfect downtown
loft-style. I am so excited to see what tomorrow holds,
and to be a part of helping this exciting “new” city to
grow and shine over the next 10 years and beyond!
For more information or a private tour, feel free to call
213.626.5433 or drop me a line.
Tiffany Gatto
[email protected]
www.dwellhomes.com