Just looking at the list of 28 projects of condos, hotels, retail, and mixtures of the three springing up in South Park, it's easy to see how spending on construction in LA (that includes remodels and new construction alike) is on track to hit $7 billion by the fiscal year's end—a three-decade high, the Department of Building and Safety tells KPCC. "This is definitely the biggest construction boom since the 80s that I've witnessed, and it's yet to be seen if it's the biggest boom in our history or not," says LADBS spokesman Luke Zamperini.
Sure, part of that is that materials cost more and workers' wages are higher, but it's also that developers are choosing to build huge, high-profile projects like the Wilshire Grand, Metropolis, and Fig Central. Zamperini also noted the building boom in Hollywood, where around a dozen new hotels are in various stages of planning, though most are of smaller-than-South-Park stature. It wasn't explicitly clear whether those the costs incurred while developers have to fight lawsuits, like those that have shut down projects like the Millennium Hollywood or the built-then-emptied Sunset/Gordon tower were included in the numbers.
· The boom is back: LA's construction spending highest in 3 decades [SCPR]
· Mapping 28 Projects on the Way in DTLA's Booming South Park [Curbed LA]
· Mapping the Out-of-Control Hotel Boom About to Hit Hollywood [Curbed LA]