South Park LA’s Executive Director, Jessica Lall, speaks to the development boom in Downtown LA; how it is filling a need for housings, sponsoring public art and streetscape efforts, and contributing to the DTLA transformation.
How Asian Developers are Transforming Downtown LA
By Patricia Kirk
October 7, 2015
Asian investors are infusing billions in capital into Downtown LA projects, raising the skyline with new high-rise residential towers that will provide thousands of new residential units and hotel rooms, as well as a variety of shopping and dining destinations. That’s why we’re thrilled to host Bisnow’s Cash Infusion: Impact of Foreign Investment on SoCal Real Estate, featuring the key players behind these mega-projects, Thursday, Oct. 15 at the Luxe Sunset Boulevard Hotel starting at 8am.
Among our panelists will be executive director of Downtown LA’s South Park BID Jessica Lall (here hanging out with bears at the Havana Club in Cuba), who tells us not all of the benefits these projects bring to the Downtown community are tangible. “At the macro level, the caliber of these projects boosts the reputation and credibility of the massive renaissance Downtown LA is experiencing,” she tells us.
Jessica is especially excited about the impact these projects are having on her South Park community. “South Park was at the tail end of developer attention, so we’re really fortunate to have these projects in our backyard,” she says. Among the transformative developments are Shanghai-based Greenland USA’s $1B Metropolis; Beijing-based Oceanwide Holdings’ $1B Fig Central; and the Shenzhen Hazens Group’s $700M Hazens W Hotel and Residences.
Jessica says these developers are enhancing the Downtown community as a whole by integrating green space in their projects and donating funds for public art. But at the end of the day, they are most importantly facilitating the dire need for housing. These three projects will create several thousand condos to help meet the tremendous demand for for-sale residential in the Downtown market. Hear more at Bisnow’s Cash Infusion: Impact of Foreign Investment on SoCal Real Estate, Thursday, Oct. 15 at the Luxe Sunset Boulevard Hotel starting at 8am. Sign up here.
To view the original BisNow article, click here.