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Plug and Play Working with the L.A. Area Chamber of Commerce, Alliance for SoCal Innovation, and Downtown Center Business Improvement District to Turn Downtown LA Into an Urban Innovation Hub


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LOS ANGELES, June 2, 2021 /PRNewswire/  Plug and Play, the world s largest global innovation platform, announced today its newest strategic partnership with the L.A. Area Chamber of Commerce, Alliance for SoCal Innovation, and Downtown Center to transform Downtown LA into the next urban innovation hub. This collaboration looks to catalyze an environment of Live. Work. Play in the Downtown LA area by establishing it as a formal innovation hub and uniting its local startup and corporate community.
We want to play a part in creating a new generation of urban living. With our founding partners, we want to transform the Downtown LA area into an urban tech hub, said Michael Olmstead, Chief Revenue Officer at Plug and Play ....

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What Led to the Death of the Figueroa Centre in DTLA?


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Rendering of Figueroa Centre (right) with an aerial view of the vacant site at 911-927 South Figueroa Street (Google Maps, CallisonRTKL/Illustration by Kevin Rebong for The Real Deal)
At 975 feet, the Figueroa Centre in Downtown Los Angeles would be the city’s third-tallest tower and include a hotel, condos and retail space in a glimmering glass and steel complex. The development would also mark a turning point for a patch of property that has been owned for decades by a branch of a Malaysian casino dynasty.
Glendale-based Regalian LLC envisioned a 66-story complex boasting a 220-key hotel, 200 condominiums, and nearly 100,000 square feet of commercial space. ....

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Here's How Downtown LA's Real Estate Market Fared in 2020


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. ....

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