The Spring Street Financial District, referred to as the Wall Street of the West, is a historic district in Downtown Los Angeles. The historic district includes 23 financial structures, including the city's first skyscraper, and three hotels all located along a stretch of South Spring Street from just north of Fourth Street to just south of Seventh Streets. In the first half of the 20th Century, this stretch of Spring Street was the financial center of Los Angeles, with the important banks and financial institutions being concentrated there. At least ten of the buildings in the district were designed in whole or in part by John Parkinson, who designed many of the city's landmark buildings in the early 20th Century, including the Los Angeles Memorial Coliseum, Los Angeles City Hall, Bullocks Wilshire, and Union Station. Ten of the buildings in the district have been designated as Historic-Cultural Monuments by the Los Angeles Cultural Heritage Commission.
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History
Early days
In the 1890s, the city's business center was further north near South Spring and Temple Streets. The street can claim credit as the birthplace of the motion picture business in Los Angeles. In 1898, Thomas Edison filmed a 60-second film titled "South Spring Street Los Angeles California", mounting a giant camera on a wagon to film the bustling action along South Spring Street.
Wall Street of the West
In the early 1900s, the city center began spreading south, and the city's banks and financial institutions began concentrating along South Spring Street. The first two important buildings to make the move south were the Hellman and Continental Buildings, with the Continental Building being considered the city's first skyscraper. In 1911, the Los Angeles Times boasted about the building boom on Spring Street:
The visitor to this city can at this moment observe skyscrapers in all stages of construction. It is a study which will provide the most comprehensible kind of answer to the query as to why Los Angeles is leading San Francisco, Portland, Seattle, St. Louis, Pittsburgh, Cleveland, Cincinnati, Baltimore, Detroit, Minneapolis, New Orleans, Boston, Buffalo and all other cities of anything near her in building activity as revealed by the monthly expenditures for construction work.
The building boom along South Spring Street continued into the 1920s as the population and economy of Los Angeles boomed. South Spring Street remained the city's financial center even after World War II.
Decline of the district in the 1970s and 1980s
In the 1960s, many of the banks and financial institutions began moving to the western part of the downtown area, along Figueroa Street and Wilshire Boulevard. By the early 1980s, South Spring Street had become known for "transients who sleep in doorways and urinate on sidewalks." In 1982, the Los Angeles Times commented on the district's decline from "Wall Street of the West" to a blighted area with empty office buildings lining both sides of the street:
"When the banks and law firms moved to the 'Gold Coast' typified by Arco Towers, six blocks to the west, Spring Street plummeted to become a neighborhood of hoodlums, derelicts and winos--a neighborhood of echoing buildings full of absolutely nothing above the ground floor."
Redevelopment projects and regentrification
Since the early 1980s, South Spring Street has been the subject of numerous redevelopment projects. In recent years, numerous art galleries have moved into the old financial district, which is now known as Gallery Row. Many of the old bank buildings have also been converted into upscale lofts. As wealthier residents have moved into the district's lofts, older residents and artists have complained about the increased rents. One artist who had lived in the district for years said:
The real problem with downtown lately, Gronk and his friends half-jokingly agreed is 'those people.' Westsiders. Trust-fund babies. New tenants who demand their bohemian pleasures be liberally sweetened with suburban amenities. Landlords who previously recruited artists to help make downtown 'safe' for gentrification, then jacked up their rents so only lawyers and screenwriters could afford it.
Beaux Arts architecture as the district's enduring strength
The strength of the district remains its period architecture. Many of the Beaux Arts facades along Spring Street remain virtually intact, making the district a popular shooting location for motion picture and television productions seeking authentic period cityscapes. In 1985, noted Los Angeles Times columnist Jack Smith pointed to the Spring Street Financial District as proof that "Los Angeles was never the cultural wasteland it was alleged to be." He hailed the district's "financial palaces" as "a solid architectural achievement" which give the street "beauty, strength, unity and dignity."
Wall Street District Hotel Video
Buildings in the district
Notable buildings in the district (from north to south) include:
Historic designation and walking tours
Due to the large percentage of historic bank and financial buildings that remain intact in the district, the area was listed on the National Register of Historic Places in 1979. The Los Angeles Conservancy offers walking tours of the Spring Street Financial District on the fourth Saturday of each month at 10 a.m.; the tour lasts approximately 2-1/2 hours and costs $10 for the general public (reduced rate for Conservancy members).
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Source of the article : Wikipedia
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