Downtown Los Angeles, once a barren wasteland of abandoned factories and underused parking lots, is being reborn as a residential and commercial hub for Millennials who hate to commute. At the heart of this initiative is Fig@7th, an old property which was purchased by Brookfield Properties and completely redeveloped as the retail hub of a rapidly expanding youth-oriented residential and commercial complex.
Rather than simply repackage a typical suburban mall, Brookfield redeveloped Fig@7th into a lifestyle center that, together with nearby L.A. Live, has helped to transform downtown L.A. into a cultural, dining and shopping destination for young Angelenos. It is an “open source” circular construction, funneling down from street level into a series of circular pedestrian walks featuring a broad range of food, fitness and entertainment options – in addition to retail offerings carefully curated for Millennials.
“The biggest single thing we knew we needed to get right with Fig@7th is how the center relates to the surrounding neighborhood.”
Bert Dezzutti, executive vice president, U.S. office division of Brookfield Property Partners
The new Fig@7th, together with Staples Center and a plethora of trendy new hotels, has contributed to a doubling of residents in the Downtown L.A. core area. over the past seven years and continues to grow rapidly, according to Bert Dezzutti, an executive vice president in the U.S. office division of Brookfield.
“People are no longer interested in the sterile suburban mall environment,” Dezzutti said. “They want authenticity” in terms of tenant mix, design and events.”