A Los Angeles parking lot adjacent to the Staples Center sports arena is on the market for about $30 million as the “Manhattanization” of the once-moribund downtown spurs development of hotels, restaurants and retail.
The 2.73-acre property has garnered interest from developers, U.S. funds and foreign investors, said Jeff Adkison, an executive vice president with Jones Lang LaSalle, which has the listing. The lot is across the street from the arena where the Lakers basketball team plays. An undeveloped plot downtown hasn’t sold for more since at least 2008, according to research company Real Capital Analytics Inc.
Despite the economic downturn, luxury hotel, residential and retail developers are betting on the continued resurgence of downtown Los Angeles, an area once dominated by government buildings, law offices and banks.
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