New Construction Development and Its Impact in Los Angeles
The GQ Magazine in its January release has termed Los Angeles as the “Next Big City” of the country. Even an average citizen with basic to no knowledge of the property will agree with the fact that this city is one of the busiest real estate markets of the USA. In the last six months only, more than 15 mega construction projects have been kick started around the city. These projects range from residential complexes to parks and from boutiques to hotels.
These recent construction projects indicate a booming rise in the already-active development activities in the city. These plans have been further optimized by the reforms in legal and administrative rules of construction and urban development; e.g. Allowing helipads, attracting traditional and leisure businesses by offering lucrative deals, added with the entrance of entertainment and sports industries has paved the way for more construction.
Let’s talk about the impact of this construction development on the city. The transformation of the city is in front of everyone’s eyes. Many mixed-use initiatives are underway with the main constructions in the Downtown Los Angeles.
Let breakdown this transformation into various aspects; considering the opportunities and challenges this development offers to Los Angeles’s commercial and residential real estates.
Public Transportation
The amenity of public transportation has become more accessible than before. The sidewalks have become wider to make the downtown friendlier for the pedestrians, even for public transport commutation. With the budget-friendly DASH buses and regular buses, people can commute around the city without getting into the hassle of traffic congestion or fuel constraints of personal cars.
Business and Commercial Boom
Primarily, Los Angeles has been catering to the financial and commercial business developments, but the recent developments are taking a more creative turn. A single building can harbor the space for offices, malls and hotels. The new constructions also entail the skyrocketing building to accommodate tourists with more than 6500 rooms in place. The rise in developments has taken place due to the influx of foreign and domestic investments. These investments have been brought about by the growth in urban area residence and commercial activities.
Sports and Entertainment
The mega projects in Downtown Los Angeles are bringing the developmental improvements in the Sports and Entertainment district, Financial District and Art District and many more. Residents can find everything in one place; the foodies can see the side cafes on the boom. Everything is being tuned before our eyes, making Los Angeles a city with all the amenities for its inhabitants. The new developments are changing the trajectory of Downtown skyline into a Boomtown skyline, as quoted by many analysts.
There is no better time to invest in real estate in Los Angeles.