Until now, much of the revitalization of downtown L.A. has occurred organically -- with the conversion of historic buildings, old warehouses and postwar office towers into high-end condos and lofts. But downtown is seeing a boom in new residential construction, fueled by development in and around the city center's two entertainment hubs.
Stan Ross, chairman of the board of the USC Lusk Center for Real Estate, said a lot is riding on whether the Nokia Theatre can draw people downtown to see concerts, dine out and perhaps even to live.
"It's a validation and a confirmation -- but it's a beginning and not the end," Ross said of the theater's opening. "It has to be an acceptable destination. . . . I don't think people make dramatic shifts until they feel comfortable."