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2010 Annual Report Together We’Re Shaping the Future

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2010 Annual Report Together We’Re Shaping the Future SHAPING THE FUTURE. DOWNTOWN LOS ANGELES Downtown Center Business Improvement District 2010 ANNUAL REPORT TOGETHER WE’RE SHAPING THE FUTURE. DEAR DOWNTOWN STAKEHOLDER 1 We are very pleased to share with you the Downtown to Downtown with appealing and affordable hotel Center Business Improvement District’s (DCBID) 2010 packages and other attractive offers, substantially annual report, which summarizes the success of our increasing revenue for many businesses. Our website thirteenth year of operation. received 868,000 page views in 2010, an increase of 19% from the previous year. Our Downtown Guides The DCBID has had a strong year of accomplishments have given 37,000 directions on the street, creating a and continues to lead the renaissance of Downtown more welcoming environment. LA by providing crucial services including safety, maintenance, economic development, and marketing The DCBID continues to be the number one Los Angeles- at levels far above those provided by local government. based BID by budget and has set ambitious goals for 2011, including a new demographic study, which will Thanks to your support, the DCBID continues to ensure assist in recruiting new offi ce/retail tenants, a new that Downtown is safe, clean, and vibrant. The Purple smartphone app, and website enhancements to continue Team fulfi lled over 100,000 calls for service and to attract visitors and reach the Downtown community, provided security to thousands of Downtown employees, and enhanced technology in the Service Center to ensure residents, and visitors in 2010. that the center of Downtown remains safe and clean for Through our Economic Development programs, we all of us. As always, we seek your input in our efforts to stay were instrumental in recruiting a number of exciting true to our mission. new businesses that signed deals or opened in 2010, As one strong community, we are shaping the future. including Cabbage Patch, El Cholo, First & Hope Supper Club, and the fi rst Target store in Downtown. Sincerely, Additionally, the 7th Street Retail Project has focused on recruitment of independent retailers to the center of Downtown. Our fi rst goal is to increase property values and help fi ll buildings. We also engage with visitors locally, regionally, and nationally. Our media campaigns continue to improve the perception of Downtown Patrick Spillane Carol E. Schatz LA and have helped successfully attract new visitors Chairperson President & CEO The Downtown Center Business Improvement District is a coalition of property owners, consisting of more than 2,200 parcels, committed to enhancing the quality of life in Downtown Los Angeles. The organization helps the 65-block Central Business District achieve its full potential as a great place to…Live, Work & Play. 2 ECONOMIC DEVELOPMENT The interest in Downtown among hospitality operators remains strong. 3 Downtown Los Angeles had a transformative 2010 hospitality groups are actively looking for space in marked by groundbreakings, openings, and exciting Downtown. We recruited and/or facilitated openings of announcements that will shape the future of Downtown. over 20 new businesses, including the following highlights: We continue to attract commercial tenants and residents, Chipotle Mexican Grill as well as unique businesses. The DCBID led the Cucina Rustica way as Downtown rose to become a premier sports, El Cholo entertainment, nightlife, and cultural hub of Southern First & Hope Downtown Supper Club California. Since 2000, Downtown has seen a 133% JW Marriott increase in new residents, a 147% increase in additional Las Perlas housing units, and a diversity of new retail and hospitality. Mas Malo Our successes will craft the next decade of the Downtown Mixt Greens Los Angeles journey. Ritz-Carlton We are pleased to showcase the Economic Development Walgreens highlights of 2010. The DCBID also recruited and/or facilitated various 7th Street Retail Initiative neighborhood service retail deals, most notably: In the summer of 2009, the DCBID hired retail consultants YAS Fitness Downtown Works and Sperling & Hileman to produce GNC a comprehensive Downtown retail study to assist with a With the help of the DCBID’s Downtown LA Demographic massive retail recruitment initiative. We are using this study, Study 2008, Target signed the largest national retail deal along with continued consulting of Downtown Works, to in Downtown in 25 years at Ernst & Young Plaza at 7+FIG. recruit regional and boutique retailers to 7th Street. Our goal is to transform 7th Street into a premier restaurant and Residential Real Estate Market retail row from Figueroa to Los Angeles Streets. The DCBID After a 10-year boom, the residential real estate market actively canvasses key retail neighborhoods in the greater experienced a signifi cant readjustment that appears Los Angeles region to recruit unique tenants. We then follow to have hit its bottom. In spite of this, we opened up with Downtown market tours. a handful of new residences, including El Dorado, Emil Brown Lofts, Orsini III, The Blackstone, and Retail, Restaurants, Nightlife and Amenities WaterMarke Tower. The interest in Downtown among hospitality operators remains strong. A number of new hospitality-based businesses opened in 2010, and notable Los Angeles Downtown Residential DCBID Property Value Investment in Downtown Occupancy Rate Increase Los Angeles 1999–2010 YEAR TOTAL ASSESSED Percent + / - PROPERTY TYPE PROJECT COST TOTAL DCBID VALUE Arts & Entertainment $1,343,800,000 Number of Projects 1997 $4,211,364,587 129 1998 $4,480,598,392 6.39% Civic & Institutional $2,041,700,000 1999 $4,838,421,305 7.99% Commercial $451,000,000 Number of Units 18,751 2000 $5,025,431,988 3.87% 2001 $5,260,525,694 4.68% Mixed-Use $4,372,000,000 Occupancy Rate 2002 $5,544,496,087 5.40% Residential $5,927,100,000 87.62% 2003 $5,688,391,189 2.60% Figueroa Corridor/Expo Park $1,500,000,000 This includes completed lofts, apartments, and condominiums 2004 $6,045,596,904 6.28% and excludes Single Room Occupancy. 2005 $7,002,900,943 15.83% Grand Total $15,635,600,000 2006 $7,853,144,506 12.14% Includes money secured for projects starting or approved for 2007 $8,695,487,916 10.73% construction through 2010 2008 $9,301,781,581 6.97% 2009 $9,326,410,136 0.26% 2010 $8,851,402,207 -5.09% Percentage increase in value from 1997 to 2010: 110.18% Housing Units New to Market in 2010 Condo Sales 2000–2010 Year Average Percent + / - For-sale properties # of Units Price PSF 1BR El Dorado 65 2010 $351.92 3.4% 2009 $340.31 -28.4% 2008 $475.49 -9.9% For-rent properties # of Units 2007 $527.54 -5.6% Brick Lofts 21 2006 $559.09 20.9% 2005 $462.51 18.8% Broadway Plaza Lofts (formerly The Blackstone) 82 2004 $389.29 41.3% Emil Brown Lofts 39 2003 $275.59 25.4% Jewelry Trades Building 62 2002 $219.78 14.8% 2001 $191.44 13.5% Renato Apartments 96 2000 $168.61 SB Tower 250 2BR Spring Arcade 140 2010 $355.77 2.2% 2009 $348.19 -28.3% The Orsini (Phase III) 210 2008 $485.86 -8.1% WaterMarke Tower 214 2007 $528.86 -5.3% Total 1,179 2006 $558.66 6.2% 2005 $525.82 19.4% 2004 $440.42 38.3% 2003 $318.36 41.2% 2002 $225.48 13.6% 2001 $198.50 13.7% 2000 $174.56 Offi ce Vacancy / Rent Trends 3BR Class A, Direct 2010 $489.62 2.7% $38.64 2009 $476.52 -2.9% $36.77 $36.37 $35.40 2008 $490.52 -7.5% $31.65 2007 $530.52 -8.0% $28.05 2006 $576.47 4.1% $26.88 $26.22 $25.53 $24.84 2005 $553.95 19.8% $23.40 $23.04 2004 $462.50 40.8% 2003 $328.46 23.4% 16.7% 16.0% 15.3% 15.2% 14.4% 14.2% 14.2% 2002 $266.18 26.2% 13.8% 12.9% 12.5% 12.3% 11.2% 2001 $210.93 20.6% 2000 $174.93 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Source: Cushman & Wakefi eld Research Services ECONOMIC DEVELOPMENT (CONTINUED) 5 Market Information and at numerous speaking engagements to civic, We continue to be the leader in market research for business, and media groups in Southern California. Downtown Los Angeles. We have compiled a diversifi ed Community Events library of data and statistics related to various markets —including residential, retail, and offi ce—and have 4th Annual Dog Day Afternoon at the Cathedral produced various custom reports and projects this year. On Tuesday, July 27, over Our research department responded to thousands of 500 dogs and 1,000 requests for market information from developers, real humans fi lled the 2.5-acre estate brokers, appraisers, bankers, students, and press. plaza at the Cathedral of Our Lady of the Angels for a community-building event Offi ce Tenant Recruitment celebrating Downtown LA dogs. We have updated our comprehensive Downtown marketing Humans enjoyed food and drinks, available for purchase package and distributed it on a consistent basis to potential from Levy Restaurants. Dogs enjoyed treats provided by offi ce tenants and commercial real estate brokers in the Downtown’s pet supply and service businesses, including community. We recruited and toured primarily small tenants Pussy & Pooch, Pet Project, Bark Avenue, South Park Doggie, seeking creative offi ce space. Assistance was also provided and several pet-friendly Downtown hotels: Sheraton to brokers representing large tenants seeking factory and Los Angeles, Hilton Checkers, and The Westin Bonaventure. Class A offi ce space in Downtown. 3rd Annual Halloween Party for Investor / Developer Outreach Downtown LA Kids We have given market tours to over 30 REITS, real estate On the evening of Sunday, investment fi rms, and various real estate developers and/or October 31, the DCBID, operators in the following areas: Fashion Institute of Design & Shopping Centers and Retail Merchandising (FIDM), and Multi-Family Condos Ralphs Fresh Fare hosted the Multi-Family Apartments 3rd Annual Halloween Party for Downtown LA Kids.
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