Bloomberg featured JLL LA‘s Ben Stapleton in their article ‘A River Runs Through Los Angeles‘
For the second time in under two months Ben Stapleton, Vice President, was featured sharing his thoughts on the development potential for land adjacent to the $1 billion 11-mile Los Angeles River revitalization. $5.7 billion in development investment opportunities could potentially be generated by this transformative project:
Jones Lang LaSalle’s Stapleton has received 11 offers for the land he’s trying to sell, “at or above” the $88-per-square-foot asking price. Similar parcels went for about $50 per square foot a couple of years ago, he says; now some other sellers are asking for $150 per square foot. In comparison, land in high-density areas in downtown L.A. commands $450 a foot.
“The river redevelopment is going to put a bigger spotlight on the area,” Stapleton says. But it’s “going to take time for the dream to become reality.”
To read the complete article, click here: A River Runs Through Los Angeles
Click here to read Ben’s white paper offering in depth research and insight into the history and potential of the LA River: Reinventing the LA River
By enhancing the landscape and design at key points along the river, the City of Los Angeles is paving the way for the LA River Corridor. Redeveloping the LA River is about unlocking neighborhood wealth in one of LA’s last under utilized corridors.
The plan to restore the LA River is forecasted to generate 10,500 new jobs and between $2.9 and $5.7 billion in development investment. Real estate investors have the opportunity to capitalize on an up and coming market segment. A future hub of the creative economy, properties along the LA River are ripe for office, multifamily, and retail development.