The Los Angeles Planning Commission gave a thumbs-up for the development of a new office space with a food hall and rooftop restaurant in the city’s Fashion District.
The planning commission Thursday unanimously approved developers Urban Offerings and ESI Ventures' redevelopment of the 104-year-old Norton Building at 755 South Los Angeles St. in downtown.
Read MoreLos Angeles has always been known as a global gateway city for commercial real estate in the United States. But the country's second-largest metropolis has taken the back seat to New York City and San Francisco over the last several years. That is starting to change.
Los Angeles surpassed Manhattan, the country's usual leader, in the first half of the year in deal volume, according to a CBRE report. Though volume decreased year over year in the city, it came in at $13 billion.
Additionally, Los Angeles' downtown is flooded with cranes developing upwards of 100 projects in the area. Plus, the Olympics is coming in 2028, with an expected economic impact of $11 billion, and the city now has two NFL teams after a drought lasting more than two decades.
These developments, as well as an unemployment rate hovering around 4.5%, arguably make Los Angeles one of the most exciting cities in the world to watch in terms of commercial real estate.
Read More1.7-million-square-foot complex to be reactivated with apartments and commercial space.
Last month, the Los Angeles Cultural Heritage Commission gave positive feedback to the proposed adaptive reuse of the landmark Sears, Roebuck & Company Mail Order Building in Boyle Heights.
The approximately 1.7-million-square-foot complex, built in phases between 1927 and 1970, was designed by architect George C. Nimmons in the Art Deco style. The 10-to-15-story structure historically operated as a distribution hub for Sears catalog products, although operations ceased in 1992. However, a Sears retail store still occupies a portion of the building.
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