LOS ANGELES IS AN EXAMPLE FOR THE ADAPTIVE REUSE OF OFFICE BUILDINGS

November 15, 2013 on 2:10 pm | In Bravo, Fascinating Information, Green, Historic Properties, Investment Opportunities, New Developments, Property Maintenance, Solutions, Trends, Uncategorized, Winning Properties | 3 Comments

Edited by Jodi Summers

Bravo to the City of Los Angeles. Through innovative public policy and creative private development, L.A.is demonstrating how older buildings can be repurposed and repositioned for the new economy while reducing carbon emissions.

Believe it or not, Downtown Los Angeles contains one of the nation’s finest collections of early 20th century architecture. Most of these buildings sat vacant for decades, until a carefully targeted Adaptive Use Ordinance (ARO) removed regulatory barriers, provided incentives, and helped make it possible to repurpose more than 60 historic buildings over the past 14 years as new apartments, lofts, and hotels.

But many more buildings remain empty or underused in the downtown area and nearby commercial districts.

A recent report from the Urban Land Institute and the National Trust for Historic Preservation’s Green Lab concludes that more than 10 million square feet of space in the city’s urban core is currently vacant. The report, Learning from Los Angeles, was presented to Mayor Eric Garcetti this morning, at an event organized by the ULI Los Angeles District Council. It describes strategies that build on the success of the ARO to unlock the economic and community development potential of underused older buildings. The report documents demolition, building, and vacancy trends throughout the city and recommends strategies for removing regulatory barriers, streamlining approvals, and providing incentives to make building reuse easier to accomplish.

Conversations organized by the Preservation Green and ULI Los Angeles identified key barriers to building reuse and recommend solutions to overcome these obstacles. The Los Angeles Conservancy, a key partner in this effort, served on the project Advisory Committee along with practitioners in real estate development, planning, design, construction, community revitalization, and local government.

Learning from Los Angeles is the first in a new series of research and policy reports being developed by the Preservation Green Lab through the Partnership for Building Reuse, a joint effort of the National Trust and ULI. Launched in Los Angeles in 2012, the Partnership for Building Reuse is designed to foster market-driven building reuse in major U.S. cities through dialogues with community stakeholders about building reuse challenges and opportunities.

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http://blog.preservationleadershipforum.org/2013/10/10/learning-from-los-angeles/#comments

http://www.socalofficerealestateblog.com/?p=2458

http://www.socalgreenrealestateblog.com/?p=3018

http://www.socalmultiunitrealestateblog.com/?p=2592

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  1. The metropolitan area with the largest economy in the U.S. is New York, which if it were its own country would be the 13th biggest in the world. Its gross metropolitan product of around $1.335 trillion is bigger than the GDPs of Austria, Iran and South Africa combined.

    The Los Angeles metro area’s economy, at $765.7 billion, would put in the world’s top 20, and is bigger than Saudi Arabia and Switzerland.

    Comment by WSJ Blog — November 19, 2013 #

  2. Science, Inc., a technology incubator and investor has signed a 45-month office lease to occupy 16,220 square feet (sf) at 1447 2nd Street. in Santa Monica, CA.

    Built in 2000, the four-story property totals 24,578 square feet and offers exposed ceilings, polished concrete floors, private balconies and ocean views.

    Science, Inc. is relocating and expanding from its 10,000-sf office space just steps away at 1410 2nd Street.

    Comment by SMDP — November 23, 2013 #

  3. Riot Games, Inc., maker of the popular League of Legends online game, has signed a full building lease for the entire 284,037-square-foot Element: LA office campus located at the corner of S. Bundy Dr. and W. Olympic Blvd. in Los Angeles.

    Comment by CoStar Group, Inc. — November 23, 2013 #

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