Living in Los Angeles has proven to be an existence in various shades of tan, brown, acrid yellow and if we are lucky to be missing the notorious smoggy grey haze a scientific blue. I ask, in this perfect climate where is the green?  I am sure our extreme lack of “green” space does not help with the production of the much needed supplemental oxygen and room to wiggle our toes. Los Angeles is considered to be the most park poor major city in America, with a sparse 7.8 % of its city space allocated to parks.  It seems that other Angelinos might be feeling the lack of green these days and perhaps find more value in parks and recreational areas, because the “Green Alley Movement is gaining momentum:The city of Los Angeles has officially committed to an innovative proposal to transform some of its neglected alley ways, typically used for dumping, trash bins, slumbering quarters for the occasional drunken bar hopper unable to make the staggering trek home and just good old fashioned crime.  This transformation comes by way of “green space”The proposed green alley project will use existing spaces in a new progressive way.  It is creative ideas using mostly existing infrastructure that will quickly transition urban areas to sustainable pedestrian havens.  Most of the existing alleys in LA are in dense single-family residential neighborhoods, and the majority of these are in South Los Angeles.   The goal is to give these spaces back to the public for recreational use, and in turn increase the green space of the city. The City Council approved recommendations advancing the proposal of the Green Alley Project. It included provisions for developing design guidelines, determining cost, building a detailed map of alleys and identifying pilot project sites.  The first pilot project site to be Cosmo Alley and slated for completion the summer of 2010.This alley runs north and south from Hollywood Boulevard and Selma Avenue between Cahuenga Boulevard and Cosmo Street and has been gated for many years.   Adjacent businesses have used the public alley for private purposes and the public has been denied access to the alley.  This canker sore of a street and eclectic mishmash of dumpster valet is soon to be reborn as a pedestrian mall as City Council with Garcetti’s motion has declared this alley to be returned to the public and require business’s to apply for revocable permits for the use of the public space.What does this mean to business’s and local property owners? Simply, more pedestrian traffic and opportunity to increase business and revenue.  What does this mean to residents and tenants in the area?  A well maintained relaxing space to enjoy lunch alfresco, and a great place to take a stroll and wiggle your toes.

While 2009 has been a year most would like to forget, the question on seemingly everyone’s mind as the year draws to a close is what 2010 will hold in store? There has been incessant talk about if and when in the coming year the commercial shoe will drop. Another popular subject is the possibility of a double dip in the recession.Regardless, the key word for 2010 will be Opportunity. Having just seen Sherlock Holmes one of the lines that stood out was when Holmes explained to the chief of police that, “You seem to never miss an opportunity to miss an opportunity.” This is worth keeping in mind as the new year commences. Opportunity currently and will continue to exist in urban centers in many forms. Development as we knew it, as in suburban sprawl, is dead. However, a restored focus on urban infill has come to the forefront of significance for projects moving forward. The buzz words these days include transit-oriented development, green building and mixed-use. Urban centers where the words commute and traffic become arcane notions, will certainly improve the quality of life for all those who choose its path. Reduction in pollution and energy costs and increases in efficiency all seem to make sense given the position where our economy and ultimately our planet seem to be at the current time.
The major markets have been slammed but should be the first to recover. Hotels can be picked up on the cheap as many of the adjustable rate mortgages come due or become to great a strain for the debt coverage to bear. Infill land, purchased with development dream dollars and now facing a high interest rate and no offsetting income reality, will be a longer term pick-up but should at the very least provide a cheaper and safe investment for the longer term.  Industrial property in urban centers is attractive for either owner users, investors with a user or for adaptive reuse for multiple uses. These represent just a few of the possibilities out there.

It looks as if 2010 will force us all to get back to the basics. Presently, liquidity remains key, yet missing out on opportunity in the here and now will come with the same feelings we are experiencing as it relates to why we bought what we bought at the peak of the market or why we didn’t sell when we could have sold at the peak. The zenith is past us yet we seem to be closely approaching the nadir (if not already there). This opportunity won’t last forever nor will our downtrodden economy. Whether or not a 2010 recovery is imminent probably no one knows. Yet there is no question that 2010 Opportunity is present and waiting to be accounted for.

For a little creative inspiration in the coming New Year check out Art Los Angeles Contemporary, an international contemporary art fair held January 28-31, 2010 at the iconic Pacific Design Center in West Hollywood. 

The fair presents 50 top international blue chip and emerging galleries from around the world, with a strong focus on Los Angeles galleries. Participants showcase some of the most dynamic recent works from their roster of represented artists, offering an informed cross section of what is happening now in contemporary art making. The fair provides a sophisticated yet accessible environment for art collectors, curators, and patrons of the arts alike to enjoy. In addition, the fair hosts a comprehensive programming series, including world class artist talks, panel discussions and an artist film screening series all on site at the Pacific Design Center.

Art Los Angeles Contemporary is aligned with the citywide Los Angeles Arts Month, a collaboration between dozens of local arts organizations, arts and civic leaders, artists, philanthropists, and committed public and private partners, so be sure to be on the lookout for other events of this type next month.  Feel free to post information here.  LA Arts Month aims to connect Los Angeles’ diverse communities to the arts, while showcasing its vibrancy to both national and international visitors.

It seems as though the developer, Related, is in the process of trying to get a smaller portion of the project approved, rather than moving forward with the original plan. This of course is the result of the current economic climate. In recent months, lenders have pulled back financing on previously approved projects. Only the most seasoned developers are able to successfully negotiate with their lenders to be able to push some portion of their project through.

The Grand Ave Project was originally going to include a 48-story Mandarin Oriental Hotel & Residences with 295 hotel rooms and 266 condominiums, a 19-story tower with 126 market-rate apartments and 98 affordable residences, a 250,000-square-foot retail pavilion and a 16-acre Civic Park. Subsequent phases would bring more than 2,000 additional housing units, a grocery store and health club, and would nearly double the amount of retail in the project. The entire development is slated to occupy 3.6 million square feet of space across from Walt Disney Concert Hall.

“I’m looking at one of the parcels for a short-term project,” said City Councilwoman Jan Perry, whose Ninth District includes the Grand Avenue site. “It is a more immediate project.”

Perry would not divulge any details about what the new project would encompass or even who would develop it. More information will likely be revealed at a meeting of the Grand Avenue Authority (the city-county agency overseeing the Grand Avenue development), tentatively scheduled for Dec. 14, Perry said.

I believe whatever will be approved, even though it wont be the original plan, will only add tremendous value to an area that is in desperate need of it. This might mean a short-term development strategy as well as a long-term plan.

With the holiday season upon us there are many events around Los Angeles that bring the joy of this time of year.  Many of these celebrations go without much promotion and therefore are only seen by those in the know.  The DWP Holiday Light Festival in Griffith Park is one of these special events celebrating the time of the season. 

Every night after sundown, Crystal Springs Drive becomes a winter wonderland light up with over 500,000 Christmas lights and the sounds of holiday music covering a mile stretch of the street.  Admission is free to the public and you can choose to drive through with your windows down or walk to get the full experience.  Scenes are themed to famous Los Angeles landmarks, like the Griffith Park Planetarium, while others display the cheerfulness of the holiday season.  For more information visit http://www.dwplightfestival.com/