Downtown LA is in the midst of the largest construction boom since the 1920s. In the last fifteen years 42 development projects have been built of 50,000 sq. ft. or more. Today there are 37 more large projects under construction. Last year there was net absorption of more than 4 million sq. ft. of new office space in LA. Only in the 1920s was there a greater boom in downtown when many of LA’s famous historic buildings went up, including the Biltmore Hotel and City Hall. More than 7,000 residential units are now under construction.
LA’s tallest building, the Wilshire Grand Center, is set to be completed mid-2017. It has offices, 900 hotel rooms and retail. South Park, the area around Staples Center, is the largest concentration of construction. The 4-tower Metropolis project is under construction across 9th St. from Staples Center. The $1 billion Oceanwide Plaza with 3-towers is now being built on Figueroa across from Staples Center. This project has over 500 condos, 184 hotel rooms and 166,000 sq. ft. of shops and restaurants. Another project, Circa, next door to Oceanwide will be 2-towers with 648 luxury apartments and 48,000 sq. ft. of retail. More than 30 other projects are being built within the next six blocks.