Pace of DTLA Apartment Construction Highest in Nation
A new report from rentcafe.com determined that between 2017 and 2021, more than ten thousand new apartments have been built in the downtown Los Angeles area; the highest in the Nation. The website examined data from the fifty largest metropolitan areas and only counted buildings with at least fifty units.
In recent years, Downtown Los Angeles development has adopted a new model that has enabled a resurgence in city center living. The "live-work-play" model has rehabilitated an area previously defined by offices and commercial districts that effectually gave the area second-class living status.
In decades past, Los Angeles was on a path of decentralization. Commuter living where areas like Century City, Woodland Hills, and the Wilshire Corridor were connected by freeways, was the norm. But with the advent of more effective light-rail and incentives for developers to convert commercial spaces to residential dwellings, DTLA has experienced a boom in gentrification
The pandemic may have momentarily slowed development but experts see this as short-lived and are poised for more accelerated growth. “Up until the pandemic, things were rocking and rolling,” Mark Tarczynski, an executive vice president at Colliers who specializes in downtown projects, said recently. “And I will say that it’s poised to come back.”
Read full story on The Real Deal