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My point is that the eastern half of DTLA is a dump, which is pretty relevant to the discussion of DTLA, or are you confused about what this thread is even about?
Forgive me for being short, but this was the second time you referenced this area with blithe disregard for those living there and without identifying any viable solution. If our city is ever going deal with this in any meaningful way, it needs more than a superficial understanding of what Skid Row is. There are 17,000 people living there. Many of them are houseless, while many more are addicts or mentally ill, but otherwise housed. Skid Row has existed as this repository of sorts for over a century, and its continued existence is the consequence of problems at the regional and national levels.
Unless you offer a viable plan for the forcible re-location of all these people (I’m all ears), I humbly request you refrain from referring to where these people are struggling to survive as “poison”, or implying wholesale bulldozing is an appropriate option. Housing in Southern California is notoriously expensive, and its not like Brentwood is clamoring to build affordable public housing. Asylums disappeared with Governor Reagan’s mind, and the instant any political leader seeks to restore any semblance of mental health services at the state level, people scream we can’t afford it.
Wheel+ Wholesale & Retail
D'Santos Packing
Hi-Tek 26, Inc.
Top Tek Plus, Inc.
La Raza Electronics
Zenesis Z6 Corp.
U.S. Car Stereo & Lighting Accessories
A parking lot
MB Distributors
As well as a conspicuous absense of housing. Maybe these places are raking in the dough big time, but I'd imagine that a Zara or Urban Outfitters would make a lot more per square foot. And then condos on top of these businesses would bring in property tax revenues that otherwise would not exist. The property values would also increase, which would bring in more revenue. Even if property taxes are capped, 1.3% on a $40 million assessment is obviously bringing in a lot more than 1.2% on a $10 million assessment.
Wheel+ Wholesale & Retail
D'Santos Packing
Hi-Tek 26, Inc.
Top Tek Plus, Inc.
La Raza Electronics
Zenesis Z6 Corp.
U.S. Car Stereo & Lighting Accessories
A parking lot
MB Distributors
As well as a conspicuous absense of housing. Maybe these places are raking in the dough big time, but I'd imagine that a Zara or Urban Outfitters would make a lot more per square foot. And then condos on top of these businesses would bring in property tax revenues that otherwise would not exist. The property values would also increase, which would bring in more revenue. Even if property taxes are capped, 1.3% on a $40 million assessment is obviously bringing in a lot more than 1.2% on a $10 million assessment.
This area is the fashion district which has a main focus of wholesale vending. Many of the inconspicuous vendors around this neighborhood, especially 1 street over on 12th st. make quite a bit of money - I'm sure some sell clothing to Urban Outfitters and Zara
This area is the fashion district which has a main focus of wholesale vending. Many of the inconspicuous vendors around this neighborhood, especially 1 street over on 12th st. make quite a bit of money - I'm sure some sell clothing to Urban Outfitters and Zara
Okaaay...still doesn't seem like it would be the most efficient use of the land over the long run (even with a cap on property taxes).
Wheel+ Wholesale & Retail
D'Santos Packing
Hi-Tek 26, Inc.
Top Tek Plus, Inc.
La Raza Electronics
Zenesis Z6 Corp.
U.S. Car Stereo & Lighting Accessories
A parking lot
MB Distributors
As well as a conspicuous absense of housing. Maybe these places are raking in the dough big time, but I'd imagine that a Zara or Urban Outfitters would make a lot more per square foot. And then condos on top of these businesses would bring in property tax revenues that otherwise would not exist. The property values would also increase, which would bring in more revenue. Even if property taxes are capped, 1.3% on a $40 million assessment is obviously bringing in a lot more than 1.2% on a $10 million assessment.
A couple of comments. I have a good friend who works in commercial real estate in downtown LA.
There is an Urban Outfitters opening in downtown LA on Broadway/8th in December 2013. A Zara is also opening in the Financial District at Fig/7th in 2014.
The per square foot rents in the prime parts of the Fashion District are HIGHER per square foot than many/most parts of downtown LA. The valuations on the prime fashion district properties are typically through the roof. Granted..these are not high-rises but typically range from 2 to 10 stories.
The rental rate that Urban Outfitters will pay on Broadway will be far lessper square foot than many of the wholesale businesses pay in the Fashion District. The economic model of the fashion district is entirely different (wholesale/show room oriented) than the rest of downtown or traditional retail areas. This is what makes it unique and interesting.
As has been stated previously, downtown LA has been a "retail" laughing stock for the last 30 plus years. It is just now starting to catch up to other prime urban locations in the region (Santa Monica, etc). So I hear what you are saying about the Fashion District but any major redevelopment of that area is a long way off. Still plenty of filling in of prime retail in other parts of downtown before the Fashion District sees major changes/redevelopment.
DTLA has many important wholesale and manufacturing areas that should not be redeveloped into full scale retail zones. If anything, more residential/dining/grocery can be added
Wheel+ Wholesale & Retail
D'Santos Packing
Hi-Tek 26, Inc.
Top Tek Plus, Inc.
La Raza Electronics
Zenesis Z6 Corp.
U.S. Car Stereo & Lighting Accessories
A parking lot
MB Distributors
As well as a conspicuous absense of housing. Maybe these places are raking in the dough big time, but I'd imagine that a Zara or Urban Outfitters would make a lot more per square foot. And then condos on top of these businesses would bring in property tax revenues that otherwise would not exist. The property values would also increase, which would bring in more revenue. Even if property taxes are capped, 1.3% on a $40 million assessment is obviously bringing in a lot more than 1.2% on a $10 million assessment.
You forgot about all the costs infrastructure improvements and additional services increase residential brings. I really would suggest you read up about Prop 13 instead of continuing to push this notion that housing is a good revenue stream for cities.
And for the forth or fifth time, I'm very aware retail would be a good money maker for a city and was never arguing against that. It was housing and OFFICES I was talking about.
And of course this whole scenario avoids the most important question about actual demand for this type of development. I'm actually kind of surprised you actually care and are so adamant about this to do some amateur analysis like this lol. Did you buy property in the area?
You forgot about all the costs infrastructure improvements and additional services increase residential brings. I really would suggest you read up about Prop 13 instead of continuing to push this notion that housing is a good revenue stream for cities.
In that specific post, I was really more focused on the revenues that would be generated by Zara/H&M/high end restaurants, etc. compared to a parking lot, rim shop and a stereo and lighting accessories shop. The additional property taxes would just be icing on top of the cake.
Quote:
Originally Posted by sav858
And for the forth or fifth time, I'm very aware retail would be a good money maker for a city and was never arguing against that. It was housing and OFFICES I was talking about.
I was responding directly to this.
Quote:
Originally Posted by sav858
I get what you’re saying, it just depends what’s already there I suppose.
I just selected a random street to see "what's already there." It's apparent we're talking about the retail there, right? I'm not sure why you keep coming back to property taxes when the issue we were addressing was whether new businesses would be better revenue generators than the existing businesses.
Quote:
Originally Posted by sav858
And of course this whole scenario avoids the most important question about actual demand for this type of development. I'm actually kind of surprised you actually care and are so adamant about this to do some amateur analysis like this lol. Did you buy property in the area?
Did you not read this post?
Quote:
Originally Posted by BajanYankee
I'm not saying that the area is ripe for development. Ifthe demand were there, then I imagine the area would have been developed by now, or would at least be in the development stage. I'm just saying that it doesn't make much sense to have warehouses sitting on valuable land (when the demand finally comes) just so you can have economic diversity.
Before you say something hasn't been addressed, perhaps you should check and see if it's actually been addressed already.
And that may very well be true, but I didn't see many car dealerships in DTLA. You said "it just depends on what's already there" and then I provided a sample of "what's already there." I'm not engaging in the hypothetical here.
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