VENICE COMMERCIAL LAND ANALYSIS
Commercial use (along with residential, industrial, open space, and various other uses) is a major component of land use policy and zoning laws. Properties zoned for commercial use often include shopping malls, wholesale retail stores, offices, financial establishments, entertainment centers, and other similar businesses. Due to this, commercially zoned areas are of particular importance to better understanding local and regional economies. Whereas recommendations for the intensity and areas of commercial use in Los Angeles have been published elsewhere, this paper builds upon a growing body of academic and policy research that evidences growing opportunities in all neighborhoods for community economic development.
The objective of this paper is a response to a public inquiry as to:
The property values of parcels designated for commercial use on Abbot Kinney Boulevard, Rose Avenue, Ocean Front Walk, the Business Improvement District (BID) Zone, and a portion of Washington Boulevard from Ocean Front Walk to Sanborn Avenue.
The assessed property values of all commercially zoned parcels in the area of interest is $928,732,557.
The estimated tax revenue generated in 2020 for those same parcels.
The estimated tax revenue for these parcels in 2020 is $11,145,989.