Revitalization and Redevelopment of the Spring Street Corridor
Los Angeles, California USA
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Financial analysis and evaluation of illustrative deal structuring for various public-private intervention strategies to achieve the economic turnaround and urban revitalization of the Spring Street corridor in downtown Los Angeles. The redevelopment analysis included consideration of funded public subsidies, and transferred development rights.
Spring Street in downtown Los Angeles was once called "Wall Street of the West", home to numerous major financial institutions, the old Pacific Stock Exchange, and many of the city's finest office buildings - with more than 2 million square feet of space - dating back to the early days of downtown Los Angeles. While still one of the city's busiest daytime thoroughfares, Spring Street also struggles with blight and indigents, as well as lack of parking that is perceived as convenient and safe. A 1994 strategic plan for downtown called for a mix of public and private investment in retail, housing and commercial development.
Over the years, various efforts have sought to revitalize the Spring Street Corridor, including the successful opening of the Ronald Reagan State Building - at the corner of Spring Street and Third Street – at the time one of the most expensive investments in downtown Los Angeles. These various efforts have been largely unsuccessful in achieving a turnaround for the historic district. Upper-income tenants have simply been uninterested in the historic office space available.
Client: Community Redevelopment Agency of the City of Los Angeles. Work completed by Stonecreek LLC principal while with predecessor firm.
