In many ways, the City of Angels is reaching for the stars — not only on the sidewalks, but through the rapidly ascending skyline as well.
Developers are building projects that are taller, bigger and more amenity-rich than ever before. All-cash deals are being cemented with foreign buyers for gleaming new luxury condos, while thousands of new hotel rooms fill the pipeline. And yet, dealmakers and financiers are beginning to raise questions about whether there is enough demand to justify the recent building boom in Downtown Los Angeles.
Many of the largest and most extravagant development projects are being financed by foreign investors. Metropolis — at 2 million square feet, the largest project in DTLA — is spearheaded by Chinese development firm Greenland USA. One Beverly Hills, a 900,000-square-foot mixed-use complex, comes to us from Chinese firm Wanda Group. The Wilshire Grand, which already stands as the tallest structure in west of the Mississippi, is backed by Korean Air. At least for the time being, market watchers think that foreign investors will drive commercial development.
We explore trendy neighborhoods — such as Silicon Beach and DTLA’s Arts District — while diving deep into the public opinion battle between rival developers brewing in Beverly Hills and the clandestine family company Jamison.
On the luxury residential front, the Playboy mansion changed hands at the jaw-dropping price tag of $100 million. We check in on this deal and other cases of VIP home swapping. We also provide our first-ever ranking of L.A.’s luxury home market (deals valued at $5 million or above). And we keep tabs on the hunt to snare top-tier brokers away from the competition.
We explore these and other fascinating stories in the inaugural issue of our Southern California market report. Enjoy the issue! – TRD