MORE RESIDENCES FOR DOWNTOWN L.A. THANKS TO ADAPTIVE REUSE

April 15, 2014 on 1:58 pm | In Curious, Fascinating Information, Green, Historic Properties, Money Saving Opportunities, New Developments, Of Local Importance, Problem Solving, Recycling, Uncategorized, WOW | 3 Comments

Edited by Jodi Summers

Bravo to the City of Los Angeles. Through innovative public policy and creative private development, L.A.is demonstrating how older buildings can be repurposed and repositioned for the new economy while reducing carbon emissions.

Believe it or not, Downtown Los Angeles contains one of the nation’s finest collections of early 20th century architecture. Most of these buildings sat vacant for decades, until a carefully targeted Adaptive Use Ordinance (ARO) removed regulatory barriers, provided incentives, and helped make it possible to repurpose more than 60 historic buildings over the past 14 years as new apartments, lofts, and hotels.

But many more buildings remain empty or underused in the downtown area and nearby commercial districts.

 

A recent report from the Urban Land Institute and the National Trust for Historic Preservation’s Green Lab concludes that more than 10 million square feet of space in the city’s urban core is currently vacant. The report, Learning from Los Angeles, was presented to Mayor Eric Garcetti this morning, at an event organized by the ULI Los Angeles District Council. It describes strategies that build on the success of the ARO to unlock the economic and community development potential of underused older buildings. The report documents demolition, building, and vacancy trends throughout the city and recommends strategies for removing regulatory barriers, streamlining approvals, and providing incentives to make building reuse easier to accomplish.

Conversations organized by the Preservation Green and ULI Los Angeles identified key barriers to building reuse and recommend solutions to overcome these obstacles. The Los Angeles Conservancy, a key partner in this effort, served on the project Advisory Committee along with practitioners in real estate development, planning, design, construction, community revitalization, and local government.

Learning from Los Angeles is the first in a new series of research and policy reports being developed by the Preservation Green Lab through the Partnership for Building Reuse, a joint effort of the National Trust and ULI. Launched in Los Angeles in 2012, the Partnership for Building Reuse is designed to foster market-driven building reuse in major U.S. cities through dialogues with community stakeholders about building reuse challenges and opportunities.

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http://blog.preservationleadershipforum.org/2013/10/10/learning-from-los-angeles/#comments

http://www.socalofficerealestateblog.com/?p=2458

http://www.socalgreenrealestateblog.com/?p=3018

http://www.socalmultiunitrealestateblog.com/?p=2592

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  1. 56 Adaptive Reuse Condos Heading to The Valley*

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    The trend in Downtown has been to adaptively reuse under-appreciated, often historical buildings and make them into highly desirable lofts, but this latest adaptive reuse project is all the way out in *NoHo, and in a comparatively recent building. According to Building LA, the seven-story, rather corporate-looking office building at the corner of Lankershim and Riverside Drive is becoming condos—56 units— and will include about 11,000 square feet of retail at street level. The creative conversion is about a mile south of the NoHo Red Line stop and a mile north of the Universal City/Studio City stop, and has 163 parking spaces.

    Comment by Curbed LA — April 23, 2014 #

  2. Since 2004, the amount of money owed by graduates entering the workforce has more than tripled, to a whopping $1.1 trillion. And since purchasing a first home hinges largely on the buyer’s total debt, owing large amounts of money for student loans can be a major obstacle to homeownership.

    The reality is daunting for 20- and 30-somethings, and the housing market is feeling the ripple effect. “You have to have that swath of first-time buyers who will eventually be your move-up buyers,” said Dustin Hobbs, spokesman for the California Mortgage Bankers Assn. “When you take that out, it damages the whole chain.”

    Comment by Copyright © 2014, Los Angeles Times — April 25, 2014 #

  3. An 8-acre parcel in Beverly Hills next to the iconic Beverly Hilton on Merv Griffin Way is once again changing hands.

    The Los Angeles Times reported Thursday that the site of the 62-year-old building which most recently housed the Robinsons-May department store a decade ago is back on the market.

    The property at 9900 Wilshire Blvd., “one of the most desirable pieces of real estate in the country,” the Times says, “has seen multiple owners who have so far been unable to bring a condominium complex designed by a famous architect to life.”

    In 2010, Hong Kong private equity firm Joint Treasure International bought the parcel for $148 million. Experts in the Beverly Hills real estate market suggest the parcel is now worth somewhere in the mid-$300-million range.

    The owners intended to complete an existing plan to build 235 condos on the site. It’s unclear why they are now selling it. It’s also unclear how much they want for it.

    A major selling point of the property is an existing condominium complex design by Richard Meier, architect of the Getty Center, which was successfully navigated through Beverly Hills’ torturous city planning process, according to the Times.

    Comment by L.A. Biz — May 1, 2014 #

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