Los Angeles Hard Money Lenders say real estate development in Los Angeles County is expected to gain speed in the short term, as Los Angeles is lacking space for new companies.
In fact, Los Angeles Hard Money Lenders say Downtown Los Angeles is currently one of the most dynamic districts in Southern California in terms of new construction for Real Estate Development. A combination of half a dozen construction cranes, new apartment units, hotels as well as offices can be seen all over the city.
Uprise In Activity In Los Angeles, CA
Los Angeles Hard Money Lenders say Los Angeles Real Estate Development market is essentially on the rise after the banking crisis. Low interest and vacancy rates helped stabilize the market. Los Angeles is known as an entertainment and digital media hub, operating with a lot of tech startups ranging from e-commerce to multi-channel networks.
With the positive forecast for overall Real Estate Development. Retail and office development will be the leading sectors attracting real estate investors and developers from around the world.
Once considered an area of Los Angeles that had virtually nothing to do after 5pm, downtown Los Angeles is experiencing a development boom. What we’re now seeing is an entire section of Los Angeles undergoing an incredible transformation that’s changing the minds of most skeptics.
Los Angeles Hard Money Lenders will often tell you that new residential, mixed-use, office, and hotel projects make up nearly 100 active development projects in the downtown area, according to the Downtown News.
Adaptive Reuse in Ordinance
Los Angeles Hard Money Lenders say the City of Los Angeles’ fast tracks the Real Estate Development process for those projects that reimagined existing historic structures. First put into place in downtown Los Angeles, and now in force throughout the City, we’re now finally seeing the results.
As there is more residential and commercial projects changing the face of downtown, we’re seeing the creation of vibrant neighborhoods and a solid tax base to create a strong foundation for Los Angeles.
“Downtown real estate is so hot that once skeptical New York based investment firms have increased their investment in the area by 23%.”
Roger Vincent Los Angeles Times
A Generational Shift
Los Angeles Hard Money Lenders say there are more people who prefer living in areas like downtown than in distant areas further from the city center. Younger residents many of whom have come to live in downtown and are seeking a neighborhood where they can live near their work are more likely to use public transportation rather than their cars.
It’s also very desirable to live in a walkable community amongst major downtown interest like to Disney Concert Hall, LA Live, and a growth of restaurants that is receiving national and international awareness.
Los Angeles Hard Money Lenders say those who provide the capital for major Real Estate Development projects believe in downtown Los Angeles’ potential for additional growth, and firms that once sat on the sidelines are now in the real estate game.
It seems as though the local government is realizing the power of enabling Real Estate Development and driving much needed economic activity instead of standing in the way.
Los Angeles Hard Money Lenders say the City of Los Angeles changed a 40 year old rule mandating that high rises have flat roofs to accommodate helipads. Though it was cited as part of an effort to modernize city rules and regulations, its impact will allow for more innovative designs and more creative projects coming online for years to come.
With this 40 year old design constraint becoming a thing of the past, and strong investment and infrastructure boosting Real Estate Development prospects, downtown Los Angeles’ real estate market is, now with greater reason, ready for take off.
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