On the corner of Wilshire Boulevard and Figueroa Street in downtown Los Angeles, workers are putting the finishing touches on the Wilshire Grand, the West Coast's tallest building. Owned by Korean Air, it rises 1,100 feet and will have a hotel, offices and observation deck when finished.
Two blocks away, China's Greenland Group is busy erecting the four-tower Metropolis community, a $1-billion development with 350 hotel rooms and more than 1,500 condos.
Within walking distance are two other massive projects that will add a combined five towers, 1,152 luxury residential units, 184 hotel rooms and 214,000 square feet of retail space.
Downtown Los Angeles is undergoing its largest construction boom in modern times — an explosion juiced by foreign investment that's adding thousands of residences, construction jobs and a multitude of shops and restaurants.
Since 2010, according to real estate data firm CoStar, 42 developments of at least 50,000 square feet have been built — a figure that includes large adaptive reuse projects such as converting an aging warehouse into new offices. An additional 37 large projects are under construction.
http://www.latimes.com/business/la-fi-downtown-boom-20161130-story.html
Moar at the link.
I was talking about the subject with a friend and fellow gaffer the other day. It's absolutely insane how much progress downtown L.A. has made within the past couple of years. Before 2009, you wouldn't want to be anywhere in the area after sundown. Place would be a goddamned ghost town. ( I used to work there in 2008 and once I punched out - at around 6 usually - I hightailed it the fuck outta there.) But now, it's a booming, bustling place with tons of people walking around as late as 4 A.M. Shit's pretty crazy.