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Financial District, Los Angeles

Coordinates: 34°03′03″N 118°15′18″W / 34.05083°N 118.25500°W / 34.05083; -118.25500
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(Redirected from Olive Street)
Financial District
Neighborhood of Los Angeles
The Financial District as viewed from Bunker Hill
The Financial District as viewed from Bunker Hill
Financial District is located in Downtown Los Angeles
Financial District
Financial District
Location within Downtown Los Angeles
Coordinates: 34°03′03″N 118°15′18″W / 34.05083°N 118.25500°W / 34.05083; -118.25500
Country United States
State California
CountyCounty of Los Angeles
City Los Angeles
Area code213

The Financial District (Financial Core) is the central business district of Los Angeles It is bounded by the Harbor Freeway to the west, First Street to the north, Main and Hill Streets to the east, and Olympic Boulevard and 9th Street to the south. 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 also contains large buildings from the early 20th century, particularly along Seventh Street, once the city's upscale shopping street; the area also includes the 7th and Flower area at the center of the regional Metro rail system, restaurants, bars, and two urban malls.

History

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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]

Historic photos

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  • 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.
    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.
  • Looking north on Hope Street past Bible Institute of Los Angeles (now Biola University), 1912
    Looking north on Hope Street past Bible Institute of Los Angeles (now Biola University), 1912
  • 7th Street looking west from Main Street, 1907, not yet a commercial district
    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.
    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
    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
    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 Congregational Church on Hope Street between 8th/9th, c.1905
  • First Christian Church, Hope and 11th, c.1910
    First Christian Church, Hope and 11th, c.1910

Transportation

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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.

Landmarks

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Landmarks in the district include, from west to east and north to south:

Fifth Street:

Sixth Street:

Seventh Street:

Eighth Street:

Other:

Map of buildings and historic sites

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Landmarks are shown on the following street grid of the Financial District of Downtown Los Angeles.

Abbreviations and notes

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For the area to the east, see Historic Core
F
I
G
U
E
R
O
A 		Westin Bonaventure Hotel & Suites F
L
O
W
E
R 		FourFortyFour South Flower U.S. Bank Tower
OUE Skyspace 		CalEdison DTLA (a.k.a. One Bunker Hill, 1931) G
R
A
N
D 		Gas Company Tower O
L
I
V
E 		Park Fifth Towers (2019, res.)
Site of Hazard's Pavilion, Temple/Clune's/Philharmonic Auditorium
FIFTH STREET
City National Plaza (ex-ARCO Center) Central Library Millennium Biltmore Hotel Pershing Square
Superior Oil Company Building H
O
P
E 		AT&T Center (Site of Savoy Hotel NW 6th/Grand) PacMutual
SIXTH STREET
Figueroa at Wilshire Aon Center Lincoln Savings Bldg. (1955) now Library Court (res) Milano Lofts (1925) Douglas Oil Bldg. #3 Heron Bldg. (1921, Dodd)
WILSHIRE BL.
Wilshire Grand Center a.k.a. Korean Air Tower Figueroa (Home Savingss) Tower Fine Arts Building Roosevelt Building,
7th Street/Metro Center subway 		Union Oil Bldg. (1923) Quinby Bldg. (1926), Bronson Bldg. (The Collection) (1913) Bank of Italy (1922), Brock and Co. Bldg. (1922) Los Angeles Athletic Club (1912)
SEVENTH STREET
Ernst & Young Plaza, FIGat7th Barker Bros. DS Bldg. MCI Center (orig. Broadway Plaza),
7th Street/Metro Center subway 		J.W. Robinson's DS Bldg. Brockman Building (1912, once home to Haggarty's DS) Coulter's DS (later Myer Siegel, Dohrmann's, now The Mandel) Ville de Paris DS, now L.A. Jewelry Mart (1917)
777 Tower
EIGHTH STREET
Southern California Gas Company Complex 8th+Hope

References

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  1. ^ Map, Downtown Center Business Improvement District
  2. ^ a b Strolling along Seventh Street (PDF). Los Angeles Conservancy. 2010.
  3. ^ Vincent, Roger (February 19, 2015) "Whole Foods to anchor posh apartment complex in downtown L.A." Los Angeles Times
  4. ^ "Pacific Financial Center", Emporis[dead link]
  5. ^ "$12 Million Building to Replace Dowdy Hotel on 6th Street". The Los Angeles Times. 1971-03-02. p. 25. Retrieved 2020-11-11.
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