"Los Angeles has emerged as one of the nation's hottest hubs for adaptive reuse, with 5,640 apartments in the pipeline second only to Manhattan's 11,000, according to a recent analysis. Office buildings comprise 50 percent of the main target for conversion in L.A., with 11 such projects in development as of July, RentCafe.com determined using its Yardi Matrix data. They account for 2,843 apartments, roughly 50 percent of the city's adaptive reuse housing pipeline."
"L.A.-based Jamison Services is responsible for the three largest office-to-residential projects: 1055 West 7th Street, a 33-story office building downtown being redeveloped into 691 apartments; the L.A. Superior Court Tower at 600 South Commonwealth Avenue, a 19-story building at the edge of Lafayette Park being converted into 428 live/work apartments; and an 18-story high-rise at 695 South Vermont Avenue in Koreatown, which will yield 255 apartments."
Los Angeles has 5,640 apartments in the adaptive reuse pipeline, second only to Manhattan's 11,000. Office buildings account for about half of that pipeline, with 11 conversion projects producing roughly 2,843 apartments. Jamison Services is undertaking the three largest office-to-residential projects, delivering 691, 428 and 255 units at three downtown and Koreatown sites. Adaptive reuse can proceed by right in Downtown L.A. and can avoid some new-development requirements, enabling faster permitting. Converting interiors rather than building ground-up cuts costs and construction time; ground-up work typically takes 18 to 24 months. One converted property is listed for $43 million, or $130 per square foot, including a parking structure.
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