Our last post voiced a word of caution with regard to commercial real estate. Essentially, with higher vacancy rates, prospective over-building and jitters in the commercial mortgage back securities market, signs pointing to a major downturn are visible in Southern California as well as other regions of the country.
Nevertheless, as one form of real estate seems vulnerable, another shows signs of phenomenal growth. The latest investments in Anaheim are among the largest in the United States. According to a GlobeSt.com report, nearly $6 billion in investments are taking shape around Disneyland and Angel Stadium of Anaheim.
Specifically, the addition of a Star Wars themed land at Disneyland was announced earlier this year. Also, four new luxury hotels and other lodging venues are under construction. This is in addition to the expansion of the Anaheim Convention Center. The new investments reflect the ongoing success of “destination investment” given that more people are willing to pay for quality entertainment experiences. This also compliments the ongoing need for space to host conventions.
Further, there are new homes, a shopping center, restaurants and office space being planned around the Platinum Triangle area around Angel Stadium. This area was once littered with warehouses and industrial venues. Now it is re-emerging as an ideal place to live, work and play. It is drawing comparisons to L.A. Live in downtown Los Angeles, and the East Village in downtown San Diego.
These types of multi-billion dollar investment plans require the guidance and expertise of experienced real estate attorneys. Contact a skilled lawyer who can help make ideas reality.