Cultural Institution
A major Los Angeles cultural institution faced a pivotal decision: undertake a costly, required seismic retrofit, redevelop portions of its site, or relocate entirely. HR&A provided real estate development advisory and scenario planning that equipped the Board of Directors with financial analysis and implementation roadmaps to choose a path forward.
Faced with a mandate to complete a costly seismic retrofit, an LA-based cultural institution seized the opportunity to re-consider its broader real estate strategy. Working with Studio One Eleven and Matt Construction, HR&A conducted a market analysis to understand real estate conditions near the institution and evaluated three potential scenarios: a status quo scenario assessing the costs of seismic retrofit and its operational impacts; a redevelopment scenario that would dedicate a portion of the site for new mixed-use development while maintaining institutional operations, and a relocation scenario to redevelop the entire site and move the institution to a new location.
HR&A prepared financial feasibility analysis and high-level implementation timelines for planning, entitlement, and construction for each scenario. We met with executive leadership to present incremental analysis and their implications for development opportunities, providing clear financial and operational comparisons. This comprehensive analysis enabled the Board of Directors to make an informed strategic decision about the institution’s future—balancing preserving of its mission with the opportunity to leverage real estate assets.
