Execs Discuss Downtown Los Angeles Retail
While the revival of downtown Los Angeles has been built on residential and corporate real estate, retail could play an increasingly important role, according to Tom Gilmore, owner of Gilmore Associates. He moderated a panel of real estate and banking executives discussing the future of downtown real estate on May 10 at the Walt Disney Concert Hall. The Downtown Center Business Improvement District sponsored the event.
Retail is anemic because it has mostly served as an amenity to downtown office workers, Gilmore said.“Everybody got here at 9 a.m. and got out by 5 p.m.; that’s not conducive to a strong retail market,” he said. “There was no nighttime shopping, no localized shopping to speak of, because there was no residential base.”
But a growing number of urban residents should strengthen retail downtown, Gilmore said. The $1.2 billion Grand Avenue Project, across the street from the Walt Disney Concert Hall, promises more than 350,000 square feet of retail. No debut date has been announced. —Andrew Asch
