Downtown LA is currently the top neighborhood in the country for new construction of apartment buildings (nearly doubling in the last five years). Demand for housing is at an all-time high, likely due to COVID-19, leading to record highs in rent prices. Many Los Angeles real estate developers are looking at this opportunity to take on affordable housing projects.
What’s New?
LA’s housing market is booming with higher demand than ever -- but expensive. As of November, the average price for a home in LA has risen by double digits for 15 months straight.
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Downtown LA and Hollywood have been especially popular for the construction of apartment complexes. There’s been “10,136 new rental apartments [built] in the last five years alone — almost twice as many as any other neighborhood in the U.S.". We are also seeing Hollywood transitioning from strictly a tourism destination to a desired place to live, experiencing a boom in demand for housing.
Exciting Projects in Los Angeles
The Grand, a $1 billion development headed by Related, is intended to include luxury residential housing, shopping centers, outdoor spaces. The idea was inspired by COVID-19, and the need for activity-based outdoor spaces. Twenty percent of the residential units being developed will also be affordable housing, which is a huge necessity in LA as rent is more expensive than ever.
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West Edge is a major development in Downtown LA headed by Hines. The development will have 200,000 sq. ft. of office space, 600 apartment units, a grocery store, restaurants, and a retail and fitness center. The idea will represent “live, work, and play” in LA. The development is also intended to increase public transportation in the city by being centrally located and having a wide range of needs within walking distance for the neighborhood.
Located on a quarter mile strip, the museum will be five stories and consist of libraries, theaters, restaurants, classrooms, offices, and the art exhibit itself. The project is expected to be completed in 2023