Its purpose was to finance the construction and operational management of industrial parks where stateside manufacturing companies could find low-rent venues for their operations.
Gang violence and drug manufacturing became rampant, and historic buildings were demolished in favor of low-rent apartments and cheap shopping centers.
Formerly a low-rent, semi-industrial arts district, in recent decades it has transformed into a neighborhood of trendy restaurants, boutiques, nightclubs, and residential towers as well as warehouses and art galleries.