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One Hot Market

Downtown Speeds Along with 158 Projects

While there may be a lot of speculation and uncertainty over the future of the housing market in Los Angeles, in Downtown developers are speeding ahead, doing whatever it takes to get buildings open and filled. Sure, some are hedging their bets - one prominent condominium project, the Axis at Union Station, transitioned to an apartment complex called Mozaic even before it opened - but overall Downtown continues to be a place for investment.

As proof, just consider the 10 new projects in Los Angeles Downtown News' quarterly update of Downtown development. There are major housing efforts from prominent players, such as the $700 million Figueroa Central in South Park and Sonny Astani's development at Eighth Street and Grand Avenue. They come as L.A. Live takes shape, the Ralphs supermarket moves forward in anticipation of a summer 2007 opening and restaurants such as the Industrial District's Royal Claytons debut.

The 2.5 billion L.A. Live project is one of the biggest underway in Downtown. Its first phase opens next Fall. Photo by Gary Leonard.

In all Downtown News is tracking 158 projects, from Chinatown to Exposition Park, from City West to the Los Angeles River. It seems that no matter where one looks, construction crews are working in the shadows of cranes and empty lots are giving way to gleaming multi-million dollar (in a couple cases, multi-billion dollar) developments that are bringing thousands of new residents and visitors into the heart of the city.

Here is the latest on what's going on in Downtown. Each entry includes a grid reference to the project's placement on our new, full-color Downtown Development Map. (Some projects are beyond the map's boundary. They are denoted by NA.)

Hotel, development to come to iconic Hollywood intersection

"This is a great day for Hollywood," talk-show host Jimmy Kimmel told civic leaders as he hosted a groundbreaking ceremony Monday at Hollywood Boulevard and Vine Street.

"It's been a long, long process and ... obviously this hotel is going to really improve this area — not that this parking lot isn't beautiful in and of itself," quipped Kimmel, whose "Jimmy Kimmel Live," which airs on ABC, is taped down the boulevard.

The city-block-size project is the latest step in revitalizing Hollywood, which was once the center of cinema in the United States but was overtaken by blight.

The W Hollywood Hotel & Residences will include a 305-room W Hotel, 143 residences, 375 apartments, more than 50,000-square feet of retail space and improvements to the plaza for the Hollywood & Vine Metro Red Line subway station. Seventy-eight of the apartments will be designated as affordable units.

Hollywood and Vine once was Tinseltown's most famous intersection. Plans have been approved to turn this area into an urban center.

The project is being developed by Gatehouse Capital Corp. and Legacy Partners.
Gatehouse President and Chief Executive Marty Collins said it took six years to reach the groundbreaking stage and the opening is expected in mid-2009. "I think it kind of captures everybody's long-pent-up hopes for this market, and as I say, often announced and not often delivered on. Well, this is the delivery," Collins said in an interview.

Collins characterized Hollywood as a brand known all over the world. "And within that brand is the brand of Hollywood and Vine, I think, which has probably one of the most famous intersections in the world," he said.