DTLA Q3 2017
DTLA continues its dynamic growth with a new record of over 2,700 new residential units this year.
1,380 new apartments on the market (City West – 727, Little Tokyo – 238, South Park – 415)
Perla breaks ground; the first Historic Core skyscraper in over 100 years! It will include 450 Condos priced down to the low $400’s.
On the Civic and Cultural front, the Angel’s Flight returned to full service bringing back in operation a cherished piece of DTLA.
Retail highlights include the opening of two flagship fashion boutiques: Nordstrom Rack at FigAt7th and H&M’s upscale subsidiary COS in the historic Olympic Theatre.
Also another footwear chain coming to Broadway with Vans signing a lease at the Singer Sewing Building.
On the hospitality front, construction began on the Soho House at 1000 S. Santa Fe Ave. Purchased in 2015 for $18.5 Million, the private social club for creatives will include 48 hotel rooms and high-end amenities.
More to come in Q4 and we’ll be back to report on it shortly!!
There are currently 22,401 apartments in DTLA. An increase of 1,380 from Q2 with the openings of Sofia (City West), Seven West (City West), STOA (Little Tokyo), Olympic and Olive (South Park) and Axis on Twelfth (South Park).
182 new units broke ground in Q3 which includes the conversion to 125 apartments of the Foreman & Clark Building.
There are 7,676 additional units under construction; a drop with the recent wave of openings.
- Occupancy rate increased from Q2 86.3% to 87.5% as the large amount of Q2 openings were leased. The Occupancy rate in Q3 2016 was 91.5%.
- Rental price went was consistent from Q2 at $2.92 per Sqft.
- Per-unit rental price decreased slightly from $2545 to $2,499.
NEW Featured Apartment projects include:
- Sofia – 640 apartments from Holland Partners opens in City West.
- Seven West – 87 apartments opens in City West.
- STOA – 238 apartments in Little Tokyo.
- Olympic and Olive – 201 apartments opens in South Park.
- Axis on Twelfth – 214 apartments opens in South Park.
There were a total of 133 Condo sales in Q3 2017 at $679 Sqft. A considerable jump from Q1 where only 88 Condos were sold at an average price of $650.
Sales were lead by Metropolis and Ten50 which is almost 100% sold.
There are currently 6,095 condos in DTLA and 2,156 under construction. 451 additional condos began construction in Q3 with the start of Perla. Condos under construction include the Metropolis Phase II, Oceanwide Plaza, Mack Urban Phase II, Perla and 1133 Hope Tower.
There are a further 4,685 Condos in the proposal stage, when these are complete, the total inventory will rise an additional 12,485 over today’s inventory.
Featured Condo projects include:
- Perla – Construction begins on Historic Core skyscraper on the corner of Fourth and Broadway. Expected completion 2020
- Oceanwide Plaza – South Park development near L.A. Live with 504 condos, 184 hotel rooms, and 200,000 Sqft. Of retail under construction
Notable DTLA updates:
- Metrolink leases out the 15th floor and part of the 12th at the Wilshire Grand Center
- Adidas announces a new marketing headquarters in DTLA
- Jerde architecture firm leaving Venice for the CalEdison on Bunker Hill
- NordstromRack opens at FigAt7th
- COS opens at the Olympic Theater off Broadway
- Vans signsa lease for a full floor at the Singer Sewing Building on Broadway
- Bullitt Studios moving from West Hollywood to City market South
- Ten50 Condos – South Park . 25 floors, 151 Luxury units almost completely rented out
- Tech firm Gimbal relocating Santa Monica to ROW DTLA
- Nomad Hotel getting ready to open on 7th and Olive
- Construction begins on Hoxton Hotel at 11th and Broadway. So much going on Broadway