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L A , Getty team up for African American Historic Places Project
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Just 3% of L A landmarks are linked to Black history One project aims to change that
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The Grand, Eighth & Figueroa, and 945 W. 8th (Related, Johnson Fain, L.A. Department of City Planning, Getty)
Like central business districts around the world last year, Downtown Los Angeles got hammered by the pandemic, its streets emptied, offices and stores cleared out.
In its year-end market report, the Downtown Center Business Improvement District tallied those grim numbers, which showed DTLA real estate activity slowed across the board. Major projects, however, did push ahead.
Occupancy rates declined in all types of real estate, with hotels the hardest hit given lack of long-term leases. Residential rents fell, with average effective rent per unit dropping from $2,737 at the end of 2019 to $2,402 by December 2020. Hotel room rates also tumbled, from $216 a day to $138, while office and retail rents only showed modest declines.
Rendering of proposed mixed-use development at 14557 Friar St. in Van Nuys. The owner of a Van Nuys quarter-acre parcel of land has proposed a mixed-use residential project, according to L.A. Department of City Planning records.
The property at 14557 Friar St., not far from the intersection of Van Nuys and Victory Boulevards, will host a new 33,338-square-foot development, a seven-story structure comprised of 42 studio, one- and two-bedroom dwellings. The apartments will be perched above 1,038 square feet of ground-floor retail. A semi-subterranean parking area will accommodate 42 cars. Building amenities will include a gym, recreation room and rooftop deck.
An existing single-story structure at the address would be razed. The property was bought for $1.27 million in 2014.