Downtown L.A. to See 55% Increase in Apartments, Condos

The number of apartments and condominiums in downtown Los Angeles will jump about 55% during the next three years as developers capitalize on spiraling rents and low vacancy rates, according to a survey released Monday. More than 6,000 housing units--from a new 800-unit project near Staples Center to loft conversions along historic Spring Street--will boost the number of total apartments and condominiums to about 18,400, according to figures compiled by the Los Angeles Downtown Center Business Improvement District. An estimated 700 units have been completed this year and an additional 500 apartments are under construction, according to the survey of government officials and developers. The survey found that five major residential developers currently are seeking downtown sites for new construction or rehabilitation of existing buildings. “We’re greatly enthused by this survey,” said Carol E. Schatz, president and chief executive of the Downtown Center BID. “It demonstrates that downtown Los Angeles is well on its way to becoming a vital, 24-hour city, where people come to live, work and be close to all the entertainment and culture a great city center has to offer.” The vast majority of the increase will be in market-rate apartments, in which prices rise and fall in response to demand. The balance will be subsidized apartments for low- and moderate-income residents. The report, which is based on information provided by developers and property owners, includes projects that are in different stages of planning and development.