Financial District, Los Angeles
The Financial District (Financial Core) is the central business district of Los Angeles along Olive, Grand, Hope, Flower and Figueroa streets from 4th Street to 8th Street. It is south of the Bunker Hill district, west of the Historic Core, north of South Park and east of the Harbor Freeway and Central City West.[1] Like Bunker Hill, the Financial District is home to corporate office skyscrapers, hotels and related services as well as banks, law firms, and real estate companies. However, unlike Bunker Hill which was razed and now consists of buildings constructed since the 1960s, it contains large buildings from the early 20th century, particularly along Seventh Street, once the city's upscale shopping street; the area also attracts visitors as the 7th and Flower area is at the center of the regional Metro rail system and is replete with restaurants, bars, and shopping at two urban malls.
Financial District
History[edit]
What is now the Financial District was originally agricultural land, then a residential area of single family homes, then around 1900 started attracting businesses as Victorian-era Downtown L.A. expanded south along Broadway past 3rd Street and "around the corner", west along Seventh Street. Around 1915, 7th Street between Broadway (on which corner stood Bullock's) and Figueroa Street, became downtown's upscale shopping district. This began with J. W. Robinson's deciding to build their flagship store in 1915 on Seventh far to the west of the existing Broadway shopping district, between Hope and Grand streets. The Ville de Paris and Coulter's as well as numerous specialty shops came and rounded out the district. The area lost its exclusivity when the upscale downtown stores opened branches in Hollywood, Mid-Wilshire, Westwood and Pasadena in the late 1920s through the 1940s, notably the establishment of Bullock's upscale landmark branch Bullocks Wilshire in Mid-Wilshire in 1929.[2]
Thirteen large office buildings opened between 1920 and 1928. By 1929, every plot on 7th between Figueroa and Los Angeles Streets had been developed.[2]
The area remained an important, if not the most exclusive, center of retail and office space throughout the 1950s, but started a slow decline throughout the 1980s due to suburbanization. It was also the concentration of Downtown financial activity on Bunker Hill, a few blocks north. The flagship department stores like Bullock's (1983), Barker Brothers (1984) and Robinson's (1993) had closed and only the Broadway/Macy's at The Bloc, previously named Broadway Plaza remained. However, in 1986, the Seventh Market Place mall, now FIGat7th, opened, bringing a smaller retail cluster back to Seventh such as the 7th Street/Metro Center station opening in 1991.
The Financial District was created by the Los Angeles Community Redevelopment Agency to provide an alternative to the old Spring Street Financial District, which fell into decline in the second half of the 20th century.
Demand for apartments in downtown Los Angeles surged in 2010 and the years following. In 2015, thousands of apartments were under construction or proposed for the area around 8th Street.[3]
1916 view towards the east on 6th St. from near the Southland Hotel at SW corner of 6th and Flower. Baker-Detweiler Building is on south side of Pershing Square between Olive and Hill.
7th Street looking west from Main Street, 1907, not yet a commercial district
7th Street looking west from Broadway, 1917. Bullocks far right; B. H. Dyas sporting goods store, right; Ville de Paris, at left.
J. W. Robinson's flagship store on Seventh Street at launch, 1915. Robinson's locating on 7th marked the beginning of the street as the upmarket downtown shopping district
Simpson Methodist Episcopal Church, Hope between 7th/8th, c.1890-1905 (CHS-1314).jpg
First Congregational Church on Hope Street between 8th/9th, c.1905
First Christian Church, Hope and 11th, c.1910
Transportation[edit]
The Los Angeles County Metropolitan Transportation Authority (Metro Rail & Metro Busway), and LADOT (DASH & Commuter Express) provide heavy rail (subway), light rail, and local bus services throughout the Financial Core and to the Greater Los Angeles Area.
7th St/Metro Center station provides primary access to Metro B Line, D Line, A Line, and E Line.
View east along 6th incl. Southland Hotel at SW corner 6th/Flower c.1916. Demolished 1971. now site of Pacific Financial Center.
PacMutual building, north side of 6th from Grand to Olive
Landmarks in the district include, from west to east and north to south:
Fifth Street:
Sixth Street:
Seventh Street:
Eighth Street:
Other:
