Downtown LA vacancy rate hits 17-year high

[Finper]

Originally Posted by Astral_Weeks

I agree that Broadway has huge potential and is easily one of the most architecturally interesting streets in Southern California.

If you look just one block east of Broadway to Spring Street, the revitalization process is essentially completed with most vacant buildings re-purposed into lofts, restaurants, bars and condos, etc. The buildings on Spring Street were mostly low hanging fruit: all signature buildings that were mostly office buildings with floor plates that were relatively easy to convert to residential, retail or whatever.

The stumbling block for Broadway is the 13 historic theaters that give the street its character are all highly unique buildings and there are far fewer simple conversions for these type of buildings. Also, in between these structures there are some smaller structures with less scale and historic appeal for easy conversion.

I still believe in the long run Broadway will come back as Spring Street has...the Broadway Trade Center is currently getting renovated. With 1 million plus square feet that will inject a huge amount of activity onto Broadway once it is complete.

maybe Broadway will be the new gentrification area. Those old theaters are really cool inside. They don't make them like that anymore...so I hope they renovate around them. Also I love that turquoise art deco building on that street. I think parking would be a issue though.

[Astral_Weeks]

Originally Posted by Finper

maybe Broadway will be the new gentrification area. Those old theaters are really cool inside. They don't make them like that anymore...so I hope they renovate around them. Also I love that turquoise art deco building on that street. I think parking would be a issue though.

I think you are talking about the Eastern Colubmia Building. It was repurposed into for sale lofts/condos during the last cycle (2005 or so). Great building!

[adr3naline]

Originally Posted by Astral_Weeks

I think you are talking about the Eastern Colubmia Building. It was repurposed into for sale lofts/condos during the last cycle (2005 or so). Great building!

Yep very nice building. I believe Johnny Depp still owns ~3 penthouses there?

Speaking of renovating old theaters on Broadway, Apple announced they're going to occupy Tower Theatre.

[pwright1]

Originally Posted by Finper

maybe people don't want to pay 2500,00 plus a month to live in zombie land/third world country conditions surrounded by some of the worst traffic in LA.... I certainly wouldn't....

I certainly do. Great shopping, dining, cultural amenities, coffee shops, great bookstores, concerts, sporting events, grocery stores, nightlife, parks, great architecture and history and public transportation. All without driving everywhere. I love it.

[JohnG72]

Originally Posted by pwright1

I certainly do. Great shopping, dining, cultural amenities, coffee shops, great bookstores, concerts, sporting events, grocery stores, nightlife, parks, great architecture and history and public transportation. All without driving everywhere. I love it.

The suburban people don't get it at all, but for some odd reason continually feel compelled to comment with very outdated and/or incorrect information.

[Blkhwkdwn]

Originally Posted by Finper

maybe people don't want to pay 2500,00 plus a month to live in zombie land/third world country conditions surrounded by some of the worst traffic in LA.... I certainly wouldn't....

Nobody is putting a gun to your head and forcing you to live there. If you dont like it, then live somewhere else.

[jm1982]

Originally Posted by adr3naline

Yep very nice building. I believe Johnny Depp still owns ~3 penthouses there?

Speaking of renovating old theaters on Broadway, Apple announced they're going to occupy Tower Theatre.

He owned five penthouses but has been selling them . There is one left as of the writing of this article .

Johnny Depp sells fourth of his five downtown L.A. penthouses - LA Times

I guess he's reducing his property portfolio in general .


I guess he likes to buy in fives ? Maybe his lucky number ?

"He also owns a largely undeveloped island in the Bahamas that cost him 2.2 million pounds in 2004 and a sprawling chateau-style mansion by the Sunset Strip in West Hollywood. According to Variety, he purchased it for $1.89 million in 1995 and subsequently bought four more homes on the same cul-de-sac for just over $10 million."

Johnny Depp Is Continuing to Reduce His Property Portfolio – WWD