By Dan Rosenfeld

How public art at two downtown Los Angeles transit-oriented developments came to generate ongoing income for a private developer and local government.

Public art in transit-oriented developments presents a valuable marketing opportunity, both for public agencies and private developers. Dollar for dollar, investments in public art may provide the highest financial returns of any funds committed to an aspect of a transit project.

Click here to read the rest of the article in Urban Land Magazine.

A special point-counterpoint breakfast program drilled down on the issues related to the recent report published by ULI, “The New California Dream.”

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The commercial real estate world suffers from a failure of imagination, says ULI Los Angeles Advisory Board member George Garfield, president, west region, for Transwestern. Practitioners have an opportunity to leverage their strengths at one of the most disruptive times in U.S. history, he says.

“Much of what is written about commercial real estate focuses on the transaction and the financial underwriting of a project or deal, whereas little attention is paid to the idea of place or the experience of service. But it is the realm of execution—which is powered by imagination—that drives the experience and, ultimately, the financial performance. Those of us in the commercial real estate business need to move away from a strictly financial explanation of cap rates and returns on investment, as important as they are. We are here to design compelling places and services. When we do this well, the financial returns can be stellar.”

Read the rest of the article in UrbanLand.

As the balance sheets of corporate America are getting stronger and companies are trading up to Class A industrial properties, the Class B and C buildings have to be rehabilitated to compete. These Southern California projects have transformed industrial properties to be contenders.

Read the rest of the UrbanLand article here.

Known as the Duke of Art Deco, Dave Goldstein has made a profitable business out of his hobby of restoring vintage apartment buildings, which is helping stabilize values in neighborhoods where film stars and future presidents once dwelled.

Los Angeles native Dave Goldstein, who is passionate about historic restoration, began collecting and restoring vintage apartment buildings 25 years ago. Today, he has a portfolio of 30-plus properties restored to their original condition—and a following of art deco and Hollywood groupies lining up to rent them.

Scattered in desirable neighborhoods from the Hollywood Hills to the Miracle Mile, Goldstein’s properties generate above-average rents, from about $1,300 for a “single”—which, in L.A. real estate parlance, is a one-room unit with a separate kitchen—to $3,800 for a three-bedroom unit. Although his properties are turning a profit, Goldstein contends that he is not in the rental business for the money. “It’s a hobby that got out of hand,” he says.

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LOS ANGELES, Calif. – More than 300 real estate professionals, city planners and other leaders at the forefront of revitalizing the inner city convened Wednesday, March 7 at the Dorothy Chandler Pavilion in downtown Los Angeles for ULI Los Angeles’ (ULI LA) signature annual event, Urban Marketplace. The mission for this year’s Urban Marketplace was to create a forum for attendees to exchange ideas and conceive deals that can contribute to creating a healthier and more sustainable Los Angeles – even in the wake of the Redevelopment dissolution.

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