New Year, New Landscape: 5 Properties to Define 2020 in Southern California
Stan Kroenke's SoFi Stadium, KBS Capital Market Groups' Union Bank Plaza, and the Academy Museum are all set to open in Los Angeles County this year.
By Greg Cornfield January 17, 2020 3:35 pmreprints
A historic development boom continues to reshape Southern California, and 2020 is set to bring more projects that will define the region’s transformation. This year, Los Angeles will see more era-defining production in every major sector.
SoFi, So Good
While most of the country prepares for Super Bowl LIV, Angelenos are already focused on the next season in August. That’s when Rams and Chargers fans will get to enjoy the highly anticipated SoFi Stadium in Inglewood — a 70,000-seat stadium within the $5 billion Hollywood Park development.
The massive project by Stan Kroenke spans almost 300 acres, and also features 2,500 new residential units, 900,000 square feet of retail space, and 800,000 square feet of office space.
NoHo West, the massive mixed-use development at the former Laurel Plaza site, is set to open this spring. The development site spans 25 acres, and the 570,000-square-foot project calls for new retail and office space, as well as 642 apartments, a Regal Cinemas theater, and space for 50-60 restaurants. Tenants include Trader Joe’s, 24 Hour Fitness, Old Navy, and more.
The project, developed by Merlone Geier Partners and GPI Companies, is located at 6180 North Laurel Canyon Boulevard near Oxnard Street.
“Are you still watching?”
Netflix has been collecting prime real estate in Hollywood for years, and will continue to do so in 2020. The streaming giant agreed to a 12-year lease and is set to move into 355,000 square feet of new office space at Kilroy Realty’s Academy on Vine project at 1341 North Vine Street. The project also calls for 193 residential units and 13,000 square feet of retail.
Union Bank Plaza
KBS Capital Advisors is scheduled to complete renovation at the Union Bank Plaza in Downtown Los Angeles this year. The 40-story tower at 445 South Figueroa Street includes 677,055 square feet of office space and nearly 25,000 square feet for retail. The $20 million renovation started last summer and was designed by HLW International. KBS purchased the tower in 2010 for $208 million.
Academy of Motion Picture Arts and Sciences
Roll out the red carpet!
The Academy of Motion Picture Arts and Sciences is scheduled to open the Academy Museum this year at the corner of Fairfax Avenue and Wilshire Boulevard. The $388-million museum spans 300,000 square feet and features a 120-foot sphere.
The project adds to the renaissance of Museum Row in Miracle Mile. The Petersen Automotive Museum completed a $90-million renovation in 2016, and the Los Angeles County Museum of Art is set for a massive transformation that features an extension across Wilshire Boulevard.
That’s a wrap!