Developers have recently launched two apartment buildings comprising over 500 units in Downtown Los Angeles, where residential occupancy has risen to almost 91%. This growth includes a 280-unit complex in Chinatown and a 230-unit affordable housing project in South Park. With over 2,600 residential units under construction and an additional 29,300 planned, the demand is fueled by a chronic housing shortage in California. The impending redevelopment of the Arco Tower into apartments signifies the largest adaptive reuse project in Downtown history, enhancing the area as a viable residential option amidst economic changes.
"There's the macroeconomic component of it, which is that we have a longstanding housing shortage in California, particularly in cities like Los Angeles," Griffin explained.
"Downtown is one of the few, if only, places that is able to and has been building new housing at any scale," Griffin noted.
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