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ixed-use projects in Los Angeles are on the rise, with some aiming to become city centers as they cater to evolving lifestyles. This was the theme discussed during a panel at The Real Deal’s LA Real Estate Forum held at the Beverly Wilshire. Development advisor Hana Cha highlighted that while mixed-use developments aren't new to L.A., what's new is the expansion of amenities to fit residents' lifestyles and create thriving communities.
The panel featured experts like TRD's Jerry Sullivan, Cain International's Larry Green, Hana's Hana Cha, and Reuben Brothers' David Reuben Jr. (Photos by Paul Dilakian). Cha emphasized that the new concept of mixed-use in L.A. is about creating self-contained ecosystems where residents can find safety, security, and personal interests.
Cain International's One Beverly Hills is a 17.5-acre project that includes the Beverly Hilton, Waldorf Astoria, and Aman Hotel Residences & Club. According to Larry Green, who heads development and operations for the project, Beverly Hills is the perfect bubble due to its sense of safety, security, and amenities in a walkable environment.
Century City's Century Plaza project, which includes the Fairmont Hotel & Residences, Park Elm residential towers, and 100,000 square feet of retail and restaurants, was acquired through foreclosure last year by David Reuben Jr. and his brother's investment vehicle. Reuben emphasized the importance of developers being realistic about changing lifestyle requirements in a post-COVID world. He echoed Green's sentiments on safety and security while also addressing L.A. traffic and more transient lifestyles that don't require large homes to be maintained.
Reuben believes that high density means creating spaces where people actually want to be and call their primary residence. He views Century City as adding asset classes that are underserved, making it the new downtown. Cha pointed out that pricey projects like One Beverly Hills and Century Plaza create communities for the affluent, raising concerns about exclusivity.
Green countered this by pointing to Playa Vista's evolution, where it's not just billionaires moving in but serving an important function. He believes that the idea of belonging to a community is desired at all price levels and can therefore be created at all price levels. Projects that come at a higher price point for their residents are a response to the market.
In conclusion, the evolution of mixed-use projects in L.A. is about creating thriving communities that cater to residents' lifestyles while addressing safety, security, and personal interests.
