One could report this as billionaire philanthropist shows confidence in the reinvigorated historic core by establishing a research institute there.
Another one could say the historic core continues to gentrify as billionaire investor kicks out a letterpress company, small bookstore and small mini-mart.
The Berggruen Institute plans to move into the two story Spanish Revival-style building in two years. This will be the third outpost in the city, joining a project already underway on the westside behind the Mountaingate community and a space in the Bradbury building. This building will focus on public engagement and feature public spaces in addition to staff offices.
What does Berggruen make of concerns about gentrification?
“MacArthur Park is an area that will transform with us or without us. You might as well do it in a way that is productive and dignified.”