Ramsey-Shilling has been an integral part of Downtown Los Angeles’ unprecedented renaissance ever since the passage of the Adaptive Reuse Ordinance in 1999, which allows for the conversion of vacant office and commercial space into residential use. To date, catalytic projects such as the STAPLES Center, Cathedral of Our Lady of the Angels, Walt Disney Concert Hall, and construction of more than 7,000 new and Adaptive reuse housing units have resulted.
New projects include: Grand Avenue; a $2.1 billion, 3.6 million square foot mixed-use project, 275 room hotel, with park and outdoor public spaces generating 5,900 long-term jobs and $105 million annual tax revenues.
L.A. Live; $2.5 billion, Nokia theatre and other venues, expected to produce a $10 billion economic impact with 25,000 jobs and $18 million annual tax revenues.
Downtown residential growth has been unprecedented since the Adaptive Reuse Ordinance; 7,000 units completed and 7,500 units under construction, the growth is expected to generate 36,400 jobs and $5.4 billion in revenues.
To date, Downtown’s transformation has generated 124,000 new jobs including 50,000 annual full-time jobs.
During 2006, the number of Primary Residents residing in Downtown Los Angeles increased by over 20% with household income averages at $99,600; and over 55% working in the downtown area.
Ramsey-Shilling represents numerous high-profile projects in Downtown, Korea town, and other emerging areas.