Developers look to redefine “mixed-use” for LA buyers
Los Angeles mixed-use projects are growing up. Some real estate developments even have big ambitions to become the next city centers as they address evolving lifestyles.
That was the theme from a trio of experts on Thursday’s “Mixed Use is Coming to L.A.” panel, part of The Real Deal’s LA Real Estate Forum at the Beverly Wilshire.
“Mixed use isn’t really new in L.A.,” pointed out development advisor Hana Cha during the panel.
Larry Green, David Reuben Jr. and Hana Cha discuss creation of lifestyle bubbles
What is new, Cha said, are the expanded amenities to fit residents’ lifestyles and create communities.
“The new concept of mixed-use in L.A. is the sense of appreciation that there is this community that is built in its own ecosystem that’s just so much more than what you get in your house or in your condo,” she explained.
Creating those bubbles where safety, security and personal interests converge are part of the next generation of mixed-use projects hitting the L.A. area.
For Cain International’s One Beverly Hills — a 17.5-acre project that includes the Beverly Hilton, Waldorf Astoria and Aman Hotel Residences & Club — the bubble is Beverly Hills.
The same logic applies at Century City’s Century Plaza project, which consists of the Fairmont Hotel & Residences, Park Elm residential towers and 100,000 square feet of retail and restaurants.
Cha offered an additional perspective, pointing out how pricey projects such as One Beverly Hills and Century Plaza create communities for the affluent.
“If we’re talking about this concept of community and bringing together like-minded people, it’s like, ‘OK, we have this cool thing that’s happening here, but it’s going to cost you $25 million for a two-bedroom condo, and if you can’t pay to play, then you’re not welcome in our community,’” Cha said. “That is a real thing and I think we have to think about that.”
