What's up in downtown LA?By
It’s been years in the making. Even as cities such as Cleveland, Denver, Houston and San Diego enjoyed startling rebirths of their downtowns, Los Angeles, king of sprawl, could only sit back and watch with envy. The last few years have changed that. Soaring real estate prices elsewhere in the city coupled with some major public infrastructure investments have spurred a residential boom in downtown L.A. Since 1999, 7,000 new residential units--like the Santee Village loft pictured above--have been built or rehabilitated. An additional 100 more projects are in various stages of development. Eli Broad, the city’s top philanthropist and backer of a $1.8 billion rejuvenation of downtown’s Grand Avenue, is leading a delegation to New York on June 1 to drum up more interest from investors and the media. Also on board will be Tim Leiweke, president of Anschutz Entertainment Group, which is building a $2.5 billion entertainment/residential complex on the other end of downtown.
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