How did a group of business people manage to transform aging manufacturing buildings and aircraft hangars near Hawthorne Municipal Airport into a thriving business complex?
That was the topic of a panel discussion with real estate and finance experts in a recently remodeled hangar at the airport on Thursday morning.
The event, called "Transformation of Hawthorne Airport and Commercial Center: Development challenges and opportunities in public-private partnerships" was organized by Urban Land Institute Los Angeles, a nonprofit organization that provides education in sustainable development practices in the real estate industry.
Development of the Century Business Center began five years ago in the industrial area by the airport that was once a hub of the local aerospace industry but was characterized by empty and obsolete manufacturing buildings. Several real estate companies partnered with the city and financing agencies to revitalize the airport along with the old hangars and aircraft manufacturing buildings.
Today, more than a million square feet of new and renovated development sit in the area bordered by Crenshaw Boulevard and Jack Northrop Avenue.
The project's success is due to the ability of its developers -- Kearny Real Estate, Morgan Stanley Real Estate and Wedgewood Properties -- to find supportive financing and work with the city.
The finished product has attracted an eclectic group of businesses, said Hoonie Kang, a Kearny analyst.
"It's a microcosm of the Los Angeles economy since aerospace has moved out," he said.
The shining star of the center is Space Exploration Technologies Corp., or SpaceX, a private company that builds and launches rockets into space for public and private projects. Other businesses that now call the center home are Angelo & Franco mozzarella factory, an event-planning company, a film studio, bakery and clothing manufacturer.
The center is still selling buildings, but it is mostly complete. The newest tenant, 9to5 Seating, an office chair manufacturer, is currently constructing a building on the site.
That was the topic of a panel discussion with real estate and finance experts in a recently remodeled hangar at the airport on Thursday morning.
The event, called "Transformation of Hawthorne Airport and Commercial Center: Development challenges and opportunities in public-private partnerships" was organized by Urban Land Institute Los Angeles, a nonprofit organization that provides education in sustainable development practices in the real estate industry.
Development of the Century Business Center began five years ago in the industrial area by the airport that was once a hub of the local aerospace industry but was characterized by empty and obsolete manufacturing buildings. Several real estate companies partnered with the city and financing agencies to revitalize the airport along with the old hangars and aircraft manufacturing buildings.
Today, more than a million square feet of new and renovated development sit in the area bordered by Crenshaw Boulevard and Jack Northrop Avenue.
The project's success is due to the ability of its developers -- Kearny Real Estate, Morgan Stanley Real Estate and Wedgewood Properties -- to find supportive financing and work with the city.
The finished product has attracted an eclectic group of businesses, said Hoonie Kang, a Kearny analyst.
"It's a microcosm of the Los Angeles economy since aerospace has moved out," he said.
The shining star of the center is Space Exploration Technologies Corp., or SpaceX, a private company that builds and launches rockets into space for public and private projects. Other businesses that now call the center home are Angelo & Franco mozzarella factory, an event-planning company, a film studio, bakery and clothing manufacturer.
The center is still selling buildings, but it is mostly complete. The newest tenant, 9to5 Seating, an office chair manufacturer, is currently constructing a building on the site.
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