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Downtown LA Looking Up, Moving Forward 2009 Annual Report

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Downtown LA Looking Up, Moving Forward 2009 Annual Report Downtown Center Business Improvement District Downtown Center Business Improvement District 626 Wilshire Blvd., Suite 200 Los Angeles, CA 90017 P 213.624.2146 F 213.624.0858 www.downtownla.com Downtown LA Looking Up, Moving Forward 2009 Annual Report Due to our commitment to the environment, this report is printed on recycled paper. Dear Downtown Stakeholder, We are proud to present to you our 2009 annual Bottega Louie, Chaya Downtown, Magnolia, Rivera report for the Downtown Center Business Improvement Restaurant, Rosa Mexicano, Tommy Pastrami, and Trader District (DCBID), which summarizes the success of our Vic’s. The Downtown Living Housing Tours, offered twice twelfth year of operation. every month, are as popular as ever. Additionally, the DCBID toured and introduced several potential new offi ce As one strong The DCBID has had a very strong year of accomplishments tenants to the Central Business District. community, and continues to lead the renaissance of Downtown LA by providing crucial services including safety, The DCBID continues to be the number one Los we are looking maintenance, economic development, and marketing. Angeles-based BID by budget and has set ambitious up and moving goals for 2010, including a strong offi ce/retail tenant Thanks to your support, the DCBID continues to ensure that recruitment program, increasing people and investment forward. Downtown is safe, clean and vibrant. The Purple Team to Downtown, and ensuring that the center of Downtown received over 100,000 calls for service and provided remains safe and clean for all of us. As always, we seek The Downtown Center Business security to thousands of Downtown visitors in 2009. your input in our efforts to stay true to our mission. Improvement District is a coalition of nearly 1,200 property owners Our Downtown Guides have brought a new level As one strong community, we are looking up and committed to enhancing the quality of informational services to the streets, providing moving forward. of life in Downtown Los Angeles. directions, recommendations, and promotions of The organization helps the 65-block Central Business District Downtown businesses to visitors and residents Sincerely, achieve its full potential as a great alike. In 2009, they distributed over 200,000 place to… Live, Work & Play. pieces of collateral to visitors and businesses. Our media campaigns have successfully helped attract new visitors to Downtown with appealing and affordable hotel packages and other attractive offers, substantially increasing revenue for many businesses. Patrick Spillane Carol E. Schatz Chairperson President & CEO Through our Economic Development programs, we were instrumental in recruiting a number of exciting new businesses that signed deals or opened in 2009, including DCBID 09 01 Dear Downtown Stakeholder, We are proud to present to you our 2009 annual Bottega Louie, Chaya Downtown, Magnolia, Rivera report for the Downtown Center Business Improvement Restaurant, Rosa Mexicano, Tommy Pastrami, and Trader District (DCBID), which summarizes the success of our Vic’s. The Downtown Living Housing Tours, offered twice twelfth year of operation. every month, are as popular as ever. Additionally, the DCBID toured and introduced several potential new offi ce As one strong The DCBID has had a very strong year of accomplishments tenants to the Central Business District. community, and continues to lead the renaissance of Downtown LA by providing crucial services including safety, The DCBID continues to be the number one Los we are looking maintenance, economic development, and marketing. Angeles-based BID by budget and has set ambitious up and moving goals for 2010, including a strong offi ce/retail tenant Thanks to your support, the DCBID continues to ensure that recruitment program, increasing people and investment forward. Downtown is safe, clean and vibrant. The Purple Team to Downtown, and ensuring that the center of Downtown received over 100,000 calls for service and provided remains safe and clean for all of us. As always, we seek The Downtown Center Business security to thousands of Downtown visitors in 2009. your input in our efforts to stay true to our mission. Improvement District is a coalition of nearly 1,200 property owners Our Downtown Guides have brought a new level As one strong community, we are looking up and committed to enhancing the quality of informational services to the streets, providing moving forward. of life in Downtown Los Angeles. directions, recommendations, and promotions of The organization helps the 65-block Central Business District Downtown businesses to visitors and residents Sincerely, achieve its full potential as a great alike. In 2009, they distributed over 200,000 place to… Live, Work & Play. pieces of collateral to visitors and businesses. Our media campaigns have successfully helped attract new visitors to Downtown with appealing and affordable hotel packages and other attractive offers, substantially increasing revenue for many businesses. Patrick Spillane Carol E. Schatz Chairperson President & CEO Through our Economic Development programs, we were instrumental in recruiting a number of exciting new businesses that signed deals or opened in 2009, including DCBID 09 01 Despite a very challenging economic year, Downtown Los Retail, Restaurants, Amenities and Nightlife Angeles held steady as a sustainable and viable Southern We recruited and/or facilitated a number of new businesses that California hub. We continued to open unique businesses and signed deals or opened in 2009, including: residential properties. The completions of the entertainment, Big Man Bakes cupcake bakery restaurant, and nightlife portions of L.A. LIVE have attracted local Bolt Barbers and international tourists to Downtown. Additionally, Downtown Bottega Louie full-service restaurant, bar, and specialty deli and market inaugurated the new Police Administration Building, saw the BottleRock full-service restaurant and wine shop completion of the Metro Gold Line Eastside Extension, opened CASA Cocina Y Cantina full-service restaurant and bar a new high school, and welcomed a subtle stream of diversifi ed Chaya Downtown full-service restaurant and bar offi ce tenants into the Central Business District. Corkbar full-service restaurant and wine bar We are pleased to showcase the Economic Development Crocker Club bar highlights of 2009. Famima!! upscale convenience mart–2 locations Magnolia full-service restaurant and bar Market Information Mendocino Farms artisan sandwich shop–2nd location We continue to be the leader in market research for Downtown Rivera Restaurant full-service restaurant and bar Los Angeles. We have compiled a diversifi ed library of data Rosa Mexicano full-service restaurant and bar and statistics related to various markets—including residential, Sandella’s Flatbread Café quick-service restaurant retail, and offi ce—and have produced various custom reports Soi 7 full-service restaurant and projects this year. Our research department responded to The Gorbals full-service restaurant and bar thousands of requests for market information from developers, Trader Vic’s full-service restaurant and bar real estate brokers, appraisers, bankers, students, and press. Tommy Pastrami quick-service deli Economic This information has been instrumental in recruiting businesses Urban Life Cleaners and residents to Downtown LA. Development Offi ce Tenant Recruitment Outgoing Outreach We have updated our comprehensive Downtown marketing We have been active on outreach in 2009 with our trade show package and distributed it on a consistent basis to potential booth at the ICSC Western Division Conference, the Urban Land offi ce tenants and commercial real estate brokers in the Institute Urban Marketplace meeting, and at numerous speaking community. Tours have been given to a number of major end engagements to civic, business, and media groups in Southern users, and we continue to be of assistance to both landlord and California. tenant brokers in Downtown LA. We have also been successful in helping the brokerage community recruit various tenants into Downtown LA offi ce spaces. Downtown Residential Occupancy rate DCBID Property Value Increase Investment in Downtown Los Angeles YEAR TOTAL ASSESSED Percent + / - 1999–2009 Number of Projects 119 DCBID VALUE PROPERTY TYPE PROJECT COST TOTAL 1997 $4,211,364,587 Arts & Entertainment $1,036,800,000 1998 $4,480,598,392 6.39% Number of Units Civic & Institutional $2,041,700,000 17,545 1999 $4,838,421,305 7.99% 2000 $5,025,431,988 3.87% Commercial $451,000,000 Occupancy Rate 2001 $5,260,525,694 4.68% Mixed-Use $4,372,000,000 84.27% 2002 $5,544,496,087 5.40% Includes completed lofts, apartments and condominiums and 2003 $5,688,391,189 2.60% Residential $5,927,100,000 excludes Single Room Occupancy. 2004 $6,045,596,904 6.28% Figueroa Corridor/Expo Park $1,500,000,000 2005 $7,002,900,943 15.83% Grand Total $15,328,600,000 2006 $7,853,144,506 12.14% 2007 $8,695,487,916 10.73% Includes money secured for projects starting or approved for construction through 2009 2008 $9,301,781,581 6.97% 2009 $9,326,410,136 0.26% DCBID 09 Percentage increase in value from 1997 to 2009: 121.46% 03 Despite a very challenging economic year, Downtown Los Retail, Restaurants, Amenities and Nightlife Angeles held steady as a sustainable and viable Southern We recruited and/or facilitated a number of new businesses that California hub. We continued to open unique businesses and signed deals or opened in 2009, including: residential properties. The completions of the entertainment, Big Man Bakes cupcake bakery restaurant, and nightlife portions of L.A. LIVE have attracted local Bolt Barbers and international tourists to Downtown. Additionally, Downtown Bottega Louie full-service restaurant, bar, and specialty deli and market inaugurated the new Police Administration Building, saw the BottleRock full-service restaurant and wine shop completion of the Metro Gold Line Eastside Extension, opened CASA Cocina Y Cantina full-service restaurant and bar a new high school, and welcomed a subtle stream of diversifi ed Chaya Downtown full-service restaurant and bar offi ce tenants into the Central Business District.
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