US$2-Billion Mega-Project Could Reshape L.A.’s Arts District

Pandemic-related shutdowns have hurt Los Angeles’ downtown streets and indicate long-term changes to office life, but builders are pressing ahead with major projects in the belief that the city still has a lot of room to grow when times get better, the Los Angeles Times reported in April. Among them, an Arts District cold-storage plant dating to the 1890s would be replaced with housing, offices, a hotel and shops in a proposal unveiled in April by Denver developers. With a price tag between US$1.5 billion and US$2 billion, the complex would rank among the largest L.A. commercial real estate developments in recent memory. If approved by the city, Fourth & Central would include 10 buildings and feature a 42-story residential tower. The proposal calls for the complex to have 572 condominiums and 949 apartments, with 216 units set aside for residents with low incomes. Some residential units will be live-work lofts. There also will be a 68-room hotel and offices for rent that developers hope will appeal to firms in creative fields.