79-526: The Los Angeles Union Stock Yards were a livestock market and transfer station in the so-called Central Merchandising District south of downtown Los Angeles in Los Angeles County, California . The stock yards closed in 1960 and the facilities were demolished and replaced with other industrial warehouses. The Central Manufacturing District was established on what had once been the pre-statehood Rancho San Antonio land grant. The Stock Yards were built on
158-412: A bank account is considered indispensable by most businesses and individuals. Non-banks that provide payment services such as remittance companies are normally not considered as an adequate substitute for a bank account. Banks issue new money when they make loans. In contemporary banking systems, regulators set a minimum level of reserve funds that banks must hold against the deposit liabilities created by
237-595: A cost of $ 588-million. This new bridge replaced a 1932 viaduct of the same name which was demolished in 2016 due to a fact that it would collapse if there were a major earthquake, and alkali-silica reaction – colloquially known as “concrete cancer.” Pedestrian and bicycle access points link to other projects such as 12 acres of new park space below the viaduct. Shopping centers include FIGat7th , and The Bloc Los Angeles , an open-air shopping area. Others include Japanese Village Plaza in Little Tokyo , City National Plaza ,
316-425: A large number of small to medium-sized institutions in its banking system. As of November 2009, China's top four banks have in excess of 67,000 branches ( ICBC :18000+, BOC :12000+, CCB :13000+, ABC :24000+) with an additional 140 smaller banks with an undetermined number of branches. Japan had 129 banks and 12,000 branches. In 2004, Germany, France, and Italy each had more than 30,000 branches – more than double
395-465: A major bus terminal in downtown Los Angeles at the intersection of Seventh and Alameda streets. Los Angeles World Airports operates a direct shuttle, LAX FlyAway Bus, every 30–60 minutes between Union Station and Los Angeles International Airport . Downtown Los Angeles is home to several public parks, plazas, gardens and other open space: Several future park proposals for the district make use of public-private partnerships between developers and
474-416: A safe and convenient form of money backed by the goldsmith's promise to pay, allowing goldsmiths to advance loans with little risk of default . Thus the goldsmiths of London became the forerunners of banking by creating new money based on credit. The Bank of England originated the permanent issue of banknotes in 1695. The Royal Bank of Scotland established the first overdraft facility in 1728. By
553-399: A variety of different ways including interest, transaction fees and financial advice. Traditionally, the most significant method is via charging interest on the capital it lends out to customers. The bank profits from the difference between the level of interest it pays for deposits and other sources of funds, and the level of interest it charges in its lending activities. This difference
632-472: A whole. The median household income in 2008 dollars was $ 15,003, considered low for both the city and the county. The percentage of households earning $ 20,000 or less (57.4%) was the highest in Los Angeles County, followed by University Park (56.6%) and Chinatown (53.6%). The average household size of 1.6 people was relatively low. Renters occupied 93.4% of the housing units, and home or apartment owners
711-446: Is a bank regulation , which sets a framework within which a bank or depository institution must manage its balance sheet . The categorisation of assets and capital is highly standardised so that it can be risk weighted . After the financial crisis of 2007–2008 , regulators force banks to issue Contingent convertible bonds (CoCos). These are hybrid capital securities that absorb losses in accordance with their contractual terms when
790-400: Is a Bills of Exchange Act that codifies the law in relation to negotiable instruments , including cheques, and this Act contains a statutory definition of the term banker : banker includes a body of persons, whether incorporated or not, who carry on the business of banking' (Section 2, Interpretation). Although this definition seems circular, it is actually functional, because it ensures that
869-403: Is a list of the largest deals in history in terms of value with participation from at least one bank: Currently, commercial banks are regulated in most jurisdictions by government entities and require a special bank license to operate. Usually, the definition of the business of banking for the purposes of regulation is extended to include acceptance of deposits, even if they are not repayable to
SECTION 10
#1733085376763948-481: Is accessible from various parts of the Los Angeles Basin. The cultural life has also made the area attractive to young tech employees. Two Bit Circus is the only amusement park located in the area. Anschutz Entertainment Group has its corporate headquarters in downtown Los Angeles. BYD Company , a Chinese technology firm, has its North American headquarters in downtown Los Angeles. The Last Bookstore
1027-499: Is an independent bookstore founded in 2005 by Josh Spencer, that was called California’s largest new and used bookstore by Conde Nast Traveler in 2019. Cathay Bank has its headquarters in the Los Angeles Chinatown . Bank A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans . Lending activities can be directly performed by
1106-524: Is located in downtown Los Angeles. DTLA is a node in the tech economy that extends beyond Silicon Beach . A venture capital firm counted 78 tech-oriented firms in DTLA in 2015. This included mobile apps, hardware, digital media and clean-tech companies plus co-working spaces, start-up incubators, and other related businesses. The Arts District has become a popular spot for companies seeking out something different from typical modern offices. The central location
1185-503: Is now called the Historic Core . By 1920, the city's private and municipal rail lines were the most far-flung and most comprehensive in the world in mileage, even besting that of New York City . By this time, a steady influx of residents and aggressive land developers had transformed the city into a large metropolitan area, with DTLA at its center. Rail lines connected four counties with over 1,100 miles (1,800 km) of track. During
1264-431: Is referred to as the spread between the cost of funds and the loan interest rate. Historically, profitability from lending activities has been cyclical and dependent on the needs and strengths of loan customers and the stage of the economic cycle . Fees and financial advice constitute a more stable revenue stream and banks have therefore placed more emphasis on these revenue lines to smooth their financial performance. In
1343-683: The Arts , Fashion , Banking , Theater , Toy , and Jewelry Districts. It is the hub for the city's urban rail transit system , as well as the Pacific Surfliner and Metrolink commuter rail system covering greater Southern California . Also located in downtown is the Civic Center , the administrative core of the city government . Historically, downtown held a dense concentration of banks , department stores , and movie palaces that drew residents and visitors of all socioeconomic classes, but after
1422-605: The Basel Accords . Banking in its modern sense evolved in the fourteenth century in the prosperous cities of Renaissance Italy but, in many ways, functioned as a continuation of ideas and concepts of credit and lending that had their roots in the ancient world . In the history of banking , a number of banking dynasties – notably, the Medicis , the Pazzi , the Fuggers ,
1501-569: The Central Los Angeles region and covers a 5.84 sq mi (15.1 km ) area. As of 2020, it contains over 500,000 jobs and has a population of roughly 85,000 residents, with an estimated daytime population of over 200,000 people prior to the COVID-19 pandemic . Downtown Los Angeles is divided into neighborhoods and districts, some overlapping. Most districts are named for the activities concentrated there now or historically, such as
1580-705: The Federal Deposit Insurance Corporation (FDIC) as a regulator. However, for soundness examinations (i.e., whether a bank is operating in a sound manner), the Federal Reserve is the primary federal regulator for Fed-member state banks; the Office of the Comptroller of the Currency (OCC) is the primary federal regulator for national banks. State non-member banks are examined by the state agencies as well as
1659-530: The Fifth Street Store /Walker's, serving a variety of socioeconomic groups from across the city and suburbs. All but Coulter's would, in the 1920s–1950s, launch branches dotting shopping centers across a growing Southern California. Numerous specialty stores also flourished including those in the jewelry business which gave rise to the Downtown Jewelry District. Among these early jewelers included
SECTION 20
#17330853767631738-631: The Great Depression , the U.S. Savings and Loan crisis in the 1980s and early 1990s, the Japanese banking crisis during the 1990s, and the sub-prime mortgage crisis in the 2000s. The 2023 global banking crisis is the latest of these crises: In March 2023, liquidity shortages and bank insolvencies led to three bank failures in the United States , and within two weeks, several of the world's largest banks failed or were shut down by regulators Assets of
1817-540: The Historic Core neighborhood. Despite its relative decentralization and comparatively new high-rises (until 1958, the city did not permit any structures taller than the 27-story City Hall building ), Los Angeles has one of the largest skylines in the United States , and its development has continued in recent years. The skyline has seen rapid growth due to improvements in seismic design standards, which has made certain building types highly earthquake-resistant. Many of
1896-523: The Homer Laughlin Building , and the Los Angeles Mall . Downtown Los Angeles is flanked by Echo Park to the north and northwest, Chinatown to the northeast, Boyle Heights to the east, Vernon to the south, Historic South Central and University Park to the southwest, and Pico-Union and Westlake to the west. Downtown is bounded on the northeast by Cesar Chavez Avenue , on
1975-522: The Medici Bank , in 1397. The Republic of Genoa founded the earliest-known state deposit bank, and Banco di San Giorgio (Bank of St. George), in 1407 at Genoa , Italy. Fractional reserve banking and the issue of banknotes emerged in the 17th and 18th centuries. Merchants started to store their gold with the goldsmiths of London , who possessed private vaults , and who charged a fee for that service. In exchange for each deposit of precious metal,
2054-563: The Renaissance by Florentine bankers, who used to make their transactions atop desks covered by green tablecloths. The definition of a bank varies from country to country. See the relevant country pages for more information. Under English common law , a banker is defined as a person who carries on the business of banking by conducting current accounts for their customers, paying cheques drawn on them and also collecting cheques for their customers. In most common law jurisdictions there
2133-577: The Welsers , the Berenbergs , and the Rothschilds – have played a central role over many centuries. The oldest existing retail bank is Banca Monte dei Paschi di Siena (founded in 1472), while the oldest existing merchant bank is Berenberg Bank (founded in 1590). Banking as an archaic activity (or quasi-banking ) is thought to have begun as early as the end of the 4th millennium BCE, to
2212-474: The 15,000 branches in the United Kingdom. Between 1985 and 2018 banks engaged in around 28,798 mergers or acquisitions, either as the acquirer or the target company. The overall known value of these deals cumulates to around 5,169 bil. USD. In terms of value, there have been two major waves (1999 and 2007) which both peaked at around 460 bil. USD followed by a steep decline (−82% from 2007 until 2018). Here
2291-559: The 1920s once-stately Victorian mansions on Bunker Hill were dilapidated, serving as rooming houses for 20,000 working-class Angelenos. The Broadway theaters saw much use as Spanish-language movie houses during this time, beginning with the conversion of the Million Dollar Theater in the 1950s to a Spanish-language theater. In the early 2000s, the neighborhood became popular with Artists and Creatives due to low rent, open loft space, and many vacancies. In mid-2013, downtown
2370-540: The 1950s the area began to experience an economic decline. Still, it remained an important center for various activities—government business in the Civic Center, banking on Bunker Hill , and retail and entertainment, especially for Hispanic Angelenos and immigrants, on Broadway . Since the early 2000s, downtown has experienced a renaissance of economic revitalization, including the Crypto.com Arena in downtown's south end, and
2449-404: The 19th century, we find in ordinary cases of deposits, of money with banking corporations, or bankers, the transaction amounts to a mere loan, or mutuum , and the bank is to restore, not the same money, but an equivalent sum, whenever it is demanded and money, when paid into a bank, ceases altogether to be the money of the principal (see Parker v. Marchant, 1 Phillips 360); it is then the money of
Los Angeles Union Stock Yards - Misplaced Pages Continue
2528-419: The 3rd millennia BCE. The present era of banking can be traced to medieval and early Renaissance Italy, to the rich cities in the centre and north like Florence , Lucca , Siena , Venice and Genoa . The Bardi and Peruzzi families dominated banking in 14th-century Florence, establishing branches in many other parts of Europe. Giovanni di Bicci de' Medici set up one of the most famous Italian banks,
2607-714: The DTLA area. It was not a "census" but rather a comprehensive survey of Downtown LA consumers. An additional study by the Downtown Center Business Improvement District showed that by 2017 the population reached 67,324. In early 2020 the population was estimated to have exceeded 80,000 at the end of 2019. Downtown Los Angeles is the center of the region's growing rail transit system, with six commuter lines operated by Metrolink , as well as six urban rail transit lines and local and regional bus service operated by Los Angeles County Metropolitan Transportation Authority (Metro). Major Metro stations in
2686-522: The FDIC. National banks have one primary regulator – the OCC. Each regulatory agency has its own set of rules and regulations to which banks and thrifts must adhere. The Federal Financial Institutions Examination Council (FFIEC) was established in 1979 as a formal inter-agency body empowered to prescribe uniform principles, standards, and report forms for the federal examination of financial institutions. Although
2765-639: The Laykin Diamond Company (later becoming Laykin et Cie ) and Harry Winston & Co., both of which found their beginnings in the Hotel Alexandria at Fifth and Spring streets. Following World War II , suburbanization , the development of the Los Angeles freeway network, and increased automobile ownership led to decreased investment downtown. Many corporate headquarters slowly dispersed to new suburbs or fell to mergers and acquisitions. As early as
2844-841: The Spanish-style administration building was held on November 1, 1922. Beginning in September 1925, the Stock Yards and the Central Manufacturing District generally were served by the Los Angeles Junction Railway which permitted joint use of the tracks by Southern Pacific , Union Pacific and Santa Fe trains. In 1926 the Stock Yards Company controlled 300 acres of land in the area but the Stock Yards proper encompassed 25 acres. The Great Western Livestock Show
2923-567: The UK, for example, the Financial Services Authority licenses banks, and some commercial banks (such as the Bank of Scotland ) issue their own banknotes in addition to those issued by the Bank of England , the UK government's central bank. Banking law is based on a contractual analysis of the relationship between the bank (defined above) and the customer – defined as any entity for which
3002-429: The adaptive reuse ordinance, leading to an increase in the residential population. With 28,878 residents in 2006, 39,537 in 2008, and over 60,000 in 2017, downtown Los Angeles is seeing new life and investment. Multiple Olympic and Paralympic events will be held in DTLA during the 2028 Summer Olympics and Paralympics . After six years of construction, the new Sixth Street Viaduct opened on July 9, 2022 at
3081-639: The bank agrees to conduct an account. The law implies rights and obligations into this relationship as follows: These implied contractual terms may be modified by express agreement between the customer and the bank. The statutes and regulations in force within a particular jurisdiction may also modify the above terms or create new rights, obligations, or limitations relevant to the bank-customer relationship. Some types of financial institutions, such as building societies and credit unions , may be partly or wholly exempt from bank license requirements, and therefore regulated under separate rules. The requirements for
3160-571: The bank or indirectly through capital markets . Whereas banks play an important role in financial stability and the economy of a country, most jurisdictions exercise a high degree of regulation over banks. Most countries have institutionalized a system known as fractional-reserve banking , under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure liquidity , banks are generally subject to minimum capital requirements based on an international set of capital standards,
3239-411: The bank will not repay it), and interest rate risk (the possibility that the bank will become unprofitable, if rising interest rates force it to pay relatively more on its deposits than it receives on its loans). Banking crises have developed many times throughout history when one or more risks have emerged for the banking sector as a whole. Prominent examples include the bank run that occurred during
Los Angeles Union Stock Yards - Misplaced Pages Continue
3318-667: The bank, and collecting cheques deposited to customers' current accounts. Banks also enable customer payments via other payment methods such as Automated Clearing House (ACH), Wire transfers or telegraphic transfer , EFTPOS , and automated teller machines (ATMs). Banks borrow money by accepting funds deposited on current accounts, by accepting term deposits , and by issuing debt securities such as banknotes and bonds . Banks lend money by making advances to customers on current accounts, by making installment loans , and by investing in marketable debt securities and other forms of money lending. Banks provide different payment services, and
3397-456: The banker, who is bound to return an equivalent, by paying a similar sum to that deposited with him, when he is asked for it. The goldsmith paid interest on deposits. Since the promissory notes were payable on demand, and the advances (loans) to the goldsmith's customers were repayable over a longer time-period, this was an early form of fractional reserve banking . The promissory notes developed into an assignable instrument which could circulate as
3476-704: The beginning of the 19th century Lubbock's Bank had established a bankers' clearing house in London to allow multiple banks to clear transactions. The Rothschilds pioneered international finance on a large scale, financing the purchase of shares in the Suez canal for the British government in 1875. The word bank was taken into Middle English from Middle French banque , from Old Italian banco , meaning "table", from Old High German banc, bank "bench, counter". Benches were used as makeshift desks or exchange counters during
3555-638: The building was under construction, L.A. City Council removed the flat roof ordinance as of 2015. The Los Angeles County Department of Health Services operates the Central Health Center in downtown Los Angeles. The Southern California Liaison of the California Department of Education has its office in the Ronald Reagan State Building in downtown Los Angeles. The Federal Reserve Bank of San Francisco, Los Angeles Branch
3634-515: The business of banking for the purposes of the legislation, and not necessarily in general. In particular, most of the definitions are from legislation that has the purpose of regulating and supervising banks rather than regulating the actual business of banking. However, in many cases, the statutory definition closely mirrors the common law one. Examples of statutory definitions: Since the advent of EFTPOS (Electronic Funds Transfer at Point Of Sale), direct credit, direct debit and internet banking ,
3713-533: The capital of the issuing bank falls below a certain level. Then debt is reduced and bank capitalisation gets a boost. Owing to their capacity to absorb losses, CoCos have the potential to satisfy regulatory capital requirement. The economic functions of banks include: Banks are susceptible to many forms of risk which have triggered occasional systemic crises. These include liquidity risk (where many depositors may request withdrawals in excess of available funds), credit risk (the chance that those who owe money to
3792-483: The cheque has lost its primacy in most banking systems as a payment instrument. This has led legal theorists to suggest that the cheque based definition should be broadened to include financial institutions that conduct current accounts for customers and enable customers to pay and be paid by third parties, even if they do not pay and collect cheques . Banks act as payment agents by conducting checking or current accounts for customers, paying cheques drawn by customers in
3871-569: The city of Los Angeles, including a public park at the proposed Nikkei Center development in Little Tokyo ; a 1-acre (4,000 m ) park at the Medallion development in the Historic Core; and a pocket park at the Wilshire Grand Hotel replacement project, currently under construction. Additionally, the city recently completed a new park located on the 400 block of South Spring Street in
3950-556: The congestion they could bring to the streets, and height limit ordinances were a common way of dealing with the problem. In 1911, the city passed an updated height limit ordinance, establishing a specific limit of 150 feet (46 m). Exceptions were granted for decorative towers such as those later built on the Eastern Columbia Building and United Artists Theatre, as well as the now-demolished Richfield Tower . The pattern of buildings in Los Angeles to feature flat rooftops
4029-423: The cross-selling of complementary products. Banks face a number of risks in order to conduct their business, and how well these risks are managed and understood is a key driver behind profitability, and how much capital a bank is required to hold. Bank capital consists principally of equity , retained earnings and subordinated debt . Some of the main risks faced by banks include: The capital requirement
SECTION 50
#17330853767634108-408: The customer's order – although money lending, by itself, is generally not included in the definition. Unlike most other regulated industries, the regulator is typically also a participant in the market, being either publicly or privately governed central bank . Central banks also typically have a monopoly on the business of issuing banknotes . However, in some countries, this is not the case. In
4187-561: The district include Union Station , Civic Center/Grand Park station , Pershing Square station , 7th Street/Metro Center station , Pico station , Little Tokyo/Arts District station , Historic Broadway station , and Grand Avenue Arts/Bunker Hill station . Amtrak operates intercity passenger train service on five routes through Los Angeles Union Station : the Coast Starlight , Pacific Surfliner , Southwest Chief , Sunset Limited , and Texas Eagle . Greyhound Lines operates
4266-649: The early part of the 20th century, banking institutions clustered around South Spring Street, forming the Spring Street Financial District . Sometimes referred to as the " Wall Street of the West ," the district held corporate headquarters for financial institutions including Bank of America , Farmers and Merchants Bank , the Crocker National Bank , California Bank & Trust, and International Savings & Exchange Bank. The Los Angeles Stock Exchange
4345-511: The east by the Los Angeles River , on the south by the Los Angeles city line with Vernon, on the southwest by East Washington Boulevard and on the west by the 110 Freeway or Beaudry Avenue, including the entire Four Level Interchange with the 101 Freeway . The neighborhood includes these districts: The 2000 U.S. census found that just 27,849 residents lived in the 5.84 square miles of downtown—or 4,770 people per square mile, among
4424-589: The funding of these loans, in order to ensure that the banks can meet demands for payment of such deposits. These reserves can be acquired through the acceptance of new deposits, sale of other assets, or borrowing from other banks including the central bank. Activities undertaken by banks include personal banking , corporate banking , investment banking , private banking , transaction banking , insurance , consumer finance , trade finance and other related. Banks offer many different channels to access their banking and other services: A bank can generate revenue in
4503-407: The goldsmiths issued receipts certifying the quantity and purity of the metal they held as a bailee ; these receipts could not be assigned, only the original depositor could collect the stored goods. Gradually the goldsmiths began to lend money out on behalf of the depositor , and promissory notes , which evolved into banknotes, were issued for money deposited as a loan to the goldsmith. Thus, by
4582-442: The issue of a bank license vary between jurisdictions but typically include: Banks' activities can be divided into: Most banks are profit-making, private enterprises. However, some are owned by the government, or are non-profit organisations . The United States banking industry is one of the most heavily regulated and guarded in the world, with multiple specialised and focused regulators. All banks with FDIC-insured deposits have
4661-409: The largest 1,000 banks in the world grew by 6.8% in the 2008–2009 financial year to a record US$ 96.4 trillion while profits declined by 85% to US$ 115 billion. Growth in assets in adverse market conditions was largely a result of recapitalisation. EU banks held the largest share of the total, 56% in 2008–2009, down from 61% in the previous year. Asian banks' share increased from 12% to 14% during
4740-450: The legal basis for bank transactions such as cheques does not depend on how the bank is structured or regulated. The business of banking is in many common law countries not defined by statute but by common law, the definition above. In other English common law jurisdictions there are statutory definitions of the business of banking or banking business . When looking at these definitions it is important to keep in mind that they are defining
4819-431: The lowest densities for the city of Los Angeles but about average for the county. The Southern California Association of Governments estimates that downtown's daytime population is 207,440. The population increased to 34,811 by 2008, according to city estimates. By the end of 2019, the population of the district had grown to 85,000 residents, and 7,956 residential units were under construction. The median age for residents
SECTION 60
#17330853767634898-475: The new skyscrapers contain a housing or hotel component. Some current and upcoming examples of skyscraper construction include: The first height limit ordinance in Los Angeles was enacted following the completion of the 13-story Continental Building , located at the southeast corner of Fourth and Spring streets. The purpose of the height limit was to limit the density of the city. There was great hostility to skyscrapers in many cities in these years, mainly due to
4977-457: The nightlife, shopping and entertainment district of the city, with over a dozen theater and movie palaces built before 1932. Department stores, most that had grown from local dry goods businesses, moved from Spring and Main streets around Temple and 1st , to much larger stores along Broadway, including The Broadway , Hamburger's, which became May Co. , Robinson's , Bullock's , Coulter's , Desmond's , Silverwoods , Harris & Frank , and
5056-455: The past 20 years, American banks have taken many measures to ensure that they remain profitable while responding to increasingly changing market conditions. This helps in making a profit and facilitates economic development as a whole. Recently, as banks have been faced with pressure from fintechs, new and additional business models have been suggested such as freemium, monetisation of data, white-labeling of banking and payment applications, or
5135-495: The region had "all the requisites for a large settlement". On September 4, 1781, Los Angeles was founded by a group of settlers who trekked north from present-day Mexico. Like most urban centers in the Spanish Empire , the town grew in a grid-like street pattern around a central plaza which faced the first church . The area passed to American control in 1847, and the small town grew to 11,000 by 1880, The business district
5214-418: The rest. In 2000, there were 2,400 military veterans living downtown, or 9.7% of the population, considered a high rate for the city but average for the county overall. In 2010, census data concluded that 40,227 people lived in downtown Los Angeles. In 2013, a study by Downtown Center Business Improvement District showed that of the 52,400 people resided in downtown Los Angeles, the demographic breakdown
5293-513: The restoration and repurposing of historic buildings in the area. The Tongva village of Yaanga was located in what is now downtown Los Angeles, possibly near or underneath where the Bella Union Hotel was located (now Fletcher Bowron Square ). Father Juan Crespí , a Spanish Franciscan missionary charged with exploring sites for Catholic missions in California , noted in 1769 that
5372-401: The second–most diverse neighborhood in Los Angeles, its diversity index being 0.743, outrated only by Mid-Wilshire . The ethnic breakdown in 2000 was Latinos , 36.7%; blacks , 22.3%; Asians , 21.3%; whites , 16.2%, and others, 3.5%. Mexico (44.7%) and Korea (17%) were the most common places of birth for the 41.9% of the residents who were born abroad, about the same ratio as in the city as
5451-520: The site of the 1847 Battle of La Mesa . Planning for the development and some outdoor pens were established as early as 1913. The Los Angeles Union Stock Yards were developed by the businessmen who ran the Union Stock Yards of Chicago. The Central Manufacturing District Terminal building , sometimes called the Tower Building, was developed at the same time as the stock yards. The grand opening of
5530-404: The value of centrally located Los Angeles real estate continued to increase. The Los Angeles Union Stock Yards were closed on April 30, 1960. The Stock Yard buildings were all demolished and eventually replaced with other commercial and industrial warehouses. Downtown Los Angeles Downtown Los Angeles ( DTLA ) is the central business district of the city of Los Angeles . It is part of
5609-459: The year, while the share of US banks increased from 11% to 13%. Fee revenue generated by global investment in banking totalled US$ 66.3 billion in 2009, up 12% on the previous year. The United States has the most banks in the world in terms of institutions (5,330 as of 2015) and possibly branches (81,607 as of 2015). This is an indicator of the geography and regulatory structure of the US, resulting in
5688-400: Was 39, considered old for the city and the county . Downtown Los Angeles is almost evenly balanced among the four major racial and ethnic groups— Asian Americans (23%), African Americans (22%), Latinos (25%) and non-Hispanic whites (26%)—according to an analysis of 2010 census data made by Loyola Marymount University researchers. A study of the 2000 census showed that downtown was
5767-432: Was 52.7% Caucasian, 20.1% Asian, 17.0% Latino, and 6.2% African-American; 52.9% female, 47.1% male; and 74.8% of residents were between the ages of 23–44. The median age for residents was 34. The median household income was $ 98,700. The median household size was 1.8. In terms of educational attainment, 80.1% of residents had completed at least 4 years of college. The study was a self-selecting sample of 8,841 respondents across
5846-608: Was also located on the corridor from 1929 until 1986 before moving into a new building across the Harbor (110) Freeway . Commercial growth brought with it hotel construction—during this time period several grand hotels, the Alexandria (1906), the Rosslyn (1911), and the Biltmore (1923), were erected—and also the need for venues to entertain the growing population of Los Angeles. Broadway became
5925-778: Was centered along Main Street between the Plaza and First Street. Land speculation increased in the 1880s, which saw the population of the city explode from 11,000 in 1880 to nearly 100,000 by 1896. Infrastructure enhancements and the laying of a street grid eventually brought development south of the Plaza: Victorian Downtown Los Angeles in the 1800s and 1890s along Main, Spring and Broadway south to Third Street – all of which were razed to make way for today's Civic Center . After 1900, larger buildings were constructed along Broadway and Spring from Third to Ninth streets in what
6004-585: Was held at the Los Angeles Union Stockyards from 1926 until 1953. Santa Fe Railroad bought out the Stock Yards Company in 1928 and eventually expanded the "Central Manufacturing District" into a 3,500 acre irregularly shaped industrial tract. Circa 1939 the Los Angeles Union Stock Yards advertised itself to ranchers as being host to four major national meat packing companies and 25 smaller regional companies. The Stockyards Hotel brothel
6083-770: Was noted as "a neighborhood with an increasingly hip and well-heeled residential population". Because of the downtown area's office market's migration west to Bunker Hill and the Financial District , many historic office buildings have been left intact, which is simply used for storage or remaining empty during recent decades. In 1999, the Los Angeles City Council passed an adaptive reuse ordinance , making it easier for developers to convert outmoded, vacant office and commercial buildings into renovated lofts and luxury apartment and condo complexes. As of early 2009, 14,561 residential units have been created under
6162-478: Was operated in proximity to the stockyards by Augusto "Chito" Sasso and Rose "Mumsie" McGonigle circa 1940. The Junction Railway Company took over the stock yard platforms, chutes, chute pens, facilities for feeding, resting and watering livestock in 1941. Beginning during World War II, stockmen began selling their animals directly to packers, and the industry shifted more generally to using trucks, rather than rail, for transport. The stockyard business declined but
6241-538: Was the result of a 1974 fire ordinance which required all tall buildings in the city to include rooftop helipads in response to the devastating 1974 Joelma Fire in Sao Paulo, Brazil , in which helicopters were used to effect rescues from the flat rooftop of the building. The Wilshire Grand Center was the first building granted an exception by the Los Angeles City Fire Department in 2014. However, as
#762237