Weekly DTLA
Real Estate Update

Check out this weeks DTLA Real Estate Updates!

Friday, June 14, 2019

 

Interest Rates Unchanged

According to FreddieMac, rates are mostly unchanged this week. These historically low rates are at levels not seen since 2017.

L.A. Rents Rise In May

TheRealDeal Reports that L.A. rents rose 5.4% in May after a slowdown late last year. The high housing costs are a major factor in L.A.’s inflation of 3.1% over last year that exceeds national averages.

L.A. Live DTLA

675 Bixel Purchased – Central City West

Connect California reports that Realm Group, LLC has purchased the 1.5 acre site at 675 Bixel St. The purchase includes plans for Bixel Tower, a 36-Story, 422-unit mixed-use apartment building.

The concrete, steel and glass tower and loft design will incorporate a rooftop sky lounge with one of the largest amenity decks in DTLA. At 40,000 Sqft. it will include pool terrace and spacious dog park.

675 Bixel. 36-Story tower planned.

Civic Center Tower – New Look

L.A. Downtown News reports that new designs have been revealed for Tribune’s planned 37-story high-rise just south of Times Mirror Square at 222 W. Second Street. 

Updated designs show a streamlined glass and steel tower that would include 190 studios, 257 1-bedrooms and 229 2-bedroom apartments & four penthouses.

Completion is currently not expected before 2025.

New Look Coming For Civic Center

Another Onni Group Tower Rising

Urbanize reports the L.A. city council has approved Onni’s next tower downtown; a 60-story residential tower that will be located 1000 S. Hill;  occupying the corner of Olympic and Hill.

The current parking lot will be transformed into 700 one and two-bedroom apartments with 15,000 Sqft. of ground-floor commercial space.

Onni has said construction will take 30 months; concluding in 2022.

Onni Group – 1000 Hill St – DTLA

CitizenM Hotel Breaks Ground

Urbanize reports that hotel chain citizenM has broken ground on its 315 room hotel.

The affordable luxury hotel will be 11-Story’s and located in the Historic Core on the corner of 4th and Spring.

With use of prefab components, completion is expected for 2020.

citizenM Hotel coming 2022. Corner of 4th & Spring

Dino, writer of anything interesting and Real Estate for Happening in DTLA.

Originally from Hollywood, he began his professional career building sophisticated software solutions in New York. He left the software industry in 2007 to move back home to where he belongs!

Having traveled extensively and lived in New York, London and Munich, he knows L.A.’s the greatest of them all. He is passionate about writing, stories, photography and meeting fun and interesting people.

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Give Him A Call: (213) 270-5613
Website: http://www.dinobuiatti.com/?Src=HIDTLA
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