LA Convention Center Expansion Aims to Transform City Ahead of Olympics
Los Angeles city officials have recommended fast-tracking the Los Angeles Convention Center expansion to be completed before the 2028 Summer Olympics.
What You Need to Know
The $1.4 billion project, initially reconsidered due to budget cuts in 2023, is now back on track with a design-build delivery model to streamline the process.
The project’s feasibility, cost, and completion timeline are key concerns.
An early works agreement from July 2024 to February 2025 will determine if the project can meet the March 2028 deadline for the Olympics. If deemed unfeasible, the project may be halted.
CCA President & CEO Nella McOsker highlighted the project's economic benefits, stating, "The expansion and modernization of the Convention Center is a generational project that will help spur growth for our local and regional economy."
How It Impacts You
As highlighted by Nella McOsker, the project will boost the local economy by increasing foot traffic and business activity, benefiting businesses in the city center and potentially prompting more investments in commercial properties and infrastructure.
The expansion will bring more visitors and events to Los Angeles, improving demand for nearby commercial real estate and making the area feel more alive.
The $1.4 billion project will create many opportunities for construction businesses and may also amplify nearby commercial real estate developments.
The expansion may cause disruptions during construction, so real estate professionals need to plan and work with others to minimize impacts on tenants and visitors.
Once finished, the upgraded Convention Center will be a valuable asset for Los Angeles, possibly raising property values nearby as it becomes more attractive to businesses and tourists.
Stay Connected
Los Angeles is rushing to expand the Convention Center before the 2028 Olympics.
We will keep you informed about this expansion, as it is sure to have to hit many project milestones before its completed.
This project can help boost the economy and property values, but the CRE industry must prepare for construction disruptions and new development changes.
So far, the city has only approved $54.4 million for pre-design work, but more work will need to be done to reap the benefits of this expansion.
Stay connected with BOMA on the Frontline to learn more on LA’s Olympic preparations.
