Rise Seen in Downtown L.A. Units

Downtown Los Angeles is expected to get about 9,400 new apartment and condominium units this year and next, a third more than the number built over the last six years combined, according to a new study.

An additional 10,181 housing units are planned for construction from 2008 to 2015, according to the study released Thursday by the Los Angeles County Economic Development Corp. and Los Angeles-based Lauren Schlau Consulting. About $12.2 billion is being spent on residential and commercial construction in the downtown area.

Downtown L.A. is experiencing a residential and entertainment revival after being dominated for decades by law firms and corporate and government offices.

Entertainment venues such as Staples Center and Walt Disney Concert Hall have given the area night life, and residents are moving into newly built condominiums and apartments as well as older office buildings that have been converted to lofts.

“The area is undergoing a major transition,” said Jack Kyser, chief economist for the economic development corporation. “Downtown Los Angeles is one of the last major downtown areas in the United States to really go through this renaissance.”

The construction in downtown L.A. is projected to result in the equivalent of 174,000 new full-time jobs, $7 billion in wages and salaries, $25.9 billion in direct and indirect business revenue and $169 million in one-time tax and fee revenue, the study said.

The city of Los Angeles is projected to receive $41 million in annual tax revenue once the new space is fully occupied, according to the study.