Central City Association, Downtown Center BID Execute Plan to Revitalize Downtown Los Angeles.

Business Editors & City Desks

LOS ANGELES--(BUSINESS WIRE)--Feb. 4, 2003

Joined by Mayor Jim Hahn and supported by city officials, businesses and community leaders, the Central City Association (CCA) and Downtown Business Improvement District (DCBID) today released a strategic plan to enhance the Downtown Los Angeles area. Building on the significant revitalization that is already underway, the plan provides a blueprint for future development - how to make it happen and the role of the private sector and government in making it happen. Representatives also announced the creation of a non-profit development corporation, the Los Angeles Restoration Corporation (LARC), which will raise funds and guide implementation of the plan.

The report identifies Downtown's key areas in need of improvement. It provides realistic and specific recommendations, which focus on housing, inter-district transportation, pedestrian improvements, ground floor retail and residential amenities, culture and entertainment, parks and schools, and code reforms to attract development. Expanding on existing Downtown revitalization projects, the CCA/DCBID plan focuses on redevelopment efforts for several districts in the Downtown area, including Figueroa/South Park; Downtown Retail and Housing Core; Jewelry; Historic Core; Financial District; Bunker Hill; and Civic Center. Just some examples of this restructuring include:

-- Transportation: Improve mobility and access by establishing a Downtown Trolley and comprehensive parking plan.

-- Housing: Identifies priority locations for housing development and residential-serving amenities.

-- Street life: Identifies primary corridors for immediate streetscape improvements and ground floor activation that will re-energize the pedestrian environment for a 24-hour Downtown.

-- Code Reform: Calls for incentives and code reforms that will encourage private property owners to develop and redevelop sites in Downtown.

"Downtown Los Angeles houses much of our city's cultural diversity, corporate culture and history, but there are still significant factors preventing it from becoming a destination city-center," said Carol Schatz, President and CEO of CCA and the DCBID. "This plan is not simply filled with aspirations and hopes- it is a feasible, implementation plan-of-action to improve our city's most historic, unique area and economic center."

Los Angeles Mayor Jim Hahn joined CCA, the DCBID, and community leaders to announce the plan's release from the rooftop of the new Downtown LA Standard Hotel, one of Downtown's most successful "adaptive reuse" developments. "As one of the nation's premier cities, we are working in partnership with the business community to create a vibrant Downtown that embraces our city's diversity while paving the way to a bustling and dynamic urban center," said Mayor Hahn. "Only through the development of new cultural, entertainment, retail, industrial and residential projects can Downtown Los Angeles truly become a 24-hour urban community."

CCA/DCBID's plan is supported by Downtown businesses and city officials who have already made significant steps towards revitalizing the area. Phase Two of the Staples sports and entertainment area, for example, will create a vibrant entertainment and sports hub in Downtown, creating jobs and bringing residents and tourists to the area. Also generating job opportunities will be the new Ralph's Supermarket (9th and Flower), the first major supermarket in the Downtown area, which will open in 2004. Housing is the key to creating a 24-hour city. Downtown is poised to realize up to 2,000 new housing units in 2003, including the Flower Street Lofts, the only for-sale housing in production in the Downtown region, as well as more adaptive reuse conversions of historic commercial buildings. Education is also a focal point for Downtown revitalization, and plans include a new High School for the Performing Arts by 2005.

About the Central City Association

Central City Association is a 78-year-old business advocacy organization representing more than 300 businesses, trade associations and non-profits employing over 250,000 people in Los Angeles County. CCA is the leading architect for revitalization in Downtown Los Angeles and is L.A.'s premiere business advocacy leader shaping public policy on a broad range of issues.

About the Downtown Center Business Improvement District

The DCBID is a coalition of property owners united in their commitment to enhance the quality of life in Downtown Los Angeles. The organization helps the 65-block central business district achieve its full potential as a great place to live, work, and play. Nearly 480 property owners provide funds to the district via a special voluntary tax assessment, which finances this outreach program.

Source: Central City Association