Market Analysis | Fiscal and Economic Impact Analysis
Mixed-Use
Urban | Downtown
The Challenge
The owner of LA Cold Storage was seeking guidance in determining the highest and best use of their almost eight-acre property located in the Arts District of downtown Los Angeles. The large scale of the site had capacity for almost two million square feet of varying product types including residential, hospitality, office, retail, and community space – and had the potential to be a pivotal placemaking district.
Solution
RCLCO was initially tasked to define and quantify the market opportunity for the mixed-use development. We revisited our analysis once LA Cold Storage identified a development partner, Continuum Partners, and in later stages RCLCO evaluated the fiscal and economic impacts of the proposed project.
Impact
- RCLCO’s recommendations helped guide the client’s business decisions, and resulted in a mix of uses very similar to our initial recommendations, which includes a mix of housing, office and retail space, and a wide array of private and public amenities. The fiscal and economic impact calculations were instrumental in quantifying the public benefit and helping generate support for the project, including from Governor Gavin Newsom who certified the project as an eligible clean energy and green housing project for judicial streamlining under the California Environmental Quality Act (CEQA).
You can find more information at the following links: