PA 315 ECONOMIC DEVELOPMENT ESSAY
Vermont Corridor Project
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2019
YUFAN ZHANG
2019.4.16
PA315
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Introduction
Impact
Economic Development Strategies
Conclusion
CONTENT
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Vermont Corridor Project
INTRODUCTION
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INTRODUCTION
On 2018 August 9, Trammell Crow Company is scheduled to break ground on a high-rise office building in Koreatown - the first phase of the Vermont Corridor project.
The new 20-story, 295-foot-tall building - set to rise at 510-532 S. Vermont Avenue - will serve as the new headquarters of the Los Angeles County Department of Mental Health. Plans call for a total of 468,000 square feet of offices on 13 floors above seven-story podium featuring 1,900 parking spaces and 10,000 square feet of ground-floor retail space.
This project includes a new apartment, affordable housing, retail space and offices.
The total construction cost is 302.3-million.
Completion of the full project is expected to occur in 2023.
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Vermont Corridor Project
IMPACT
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IMPACT
The Vermont Corridor is an innovative public-private partnership that will transform a two-block area of once neglected County resources into a modern complex expected to revitalize the community.
Promoting the development of surrounding economy
Public-private partnership will release government financial pressure
Increasing population inflows in Koreatown
Building a more perfect urban environment
Relieving parking pressure in the city center
Providing more job opportunities
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Vermont Corridor Project
ECONOMIC DEVELOPMENT STRATEGIES
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ECONOMIC DEVELOPMENT STRATEGIES
Leverage private investment
Support from private developers, and financing from lenders to implement early projects
Recruit new investors
Market the strengths and resources - involve the LA Business Team
Promote strategic projects
that create development
momentum, demonstrate
visible improvements and
produce early successes
Public work projects such as streetscape and sidewalk amenities
Development projects such as the Gateway in Upper Vermont
Business incubator, senior housing, retail, and high-tech development in Lower Vermont are examples to jump start the local economy and create a success story
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Vermont Corridor Project
CONCLUSION
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CONCLUSION-GOVERMENT
SUPPORTER
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BENEFICIARY
An innovative public-private partnership
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CONCLUSION
This is a huge project and will bring big changes to the LA
Promote the development of all aspects of society
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THANK YOU
2019
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