Venture capitalist Marc Andressen has been one of the greatest advocates of the soundness of the current crop of startups. Now Marc is sounding the warning bell that startups may be burning cash to fast. Marc recently tweeted:
“When the market turns, and it will turn, we will find out who has been swimming without trunks on: many high burn rate co’s will VAPORIZE”
First, Landlords should be concerned because the companies that will vaporize will be their tenants. If company burns go back down to six months and the music stops, that is it for their rent.
Second, venture capitalists are pushing back against higher rents and longer term leases. And they are especially opposed to big security deposits. That is why it is hard to get more than six months security or out of pocket costs covered.
Venture Capitalist Fred Wilson recently wrote:
“I’ve been grumpy for months, possibly for longer than that, about this. I’ve pushed back on long term leases that I thought were outrageous, I’ve pushed back on spending plans that I thought were too aggressive and too risky, I’ve made myself a pain in the ass to more than a few CEOs.”
To read more of the story, see the article below:
Marc Andreessen Sounds Warning on Start-Ups Burning Cash – NYTimes.com.
Many new apartments for Millennials have limited closet space. PMI has decided to provide some easy solutions to the lack of closet space. These solutions include wardrobes, clothing racks, wall organizers, curtains with racks, under bed storage, and building cabinets with sliding doors. None of these solutions should require a building permits
Ikea wardrobe priced under $200
Metal rack for organizing clothing
Curtains with Racks
Cabinets with Sliding Doors
Under The Bed Storage:
PMI Properties and Bisnow is hosting on Tuesday, October 14, 2014 a summit on the Future of Culver City: LA’s Next Big Submarket. The event shall take place at PMI Property’s Eastham Station at 3525 Eastham at 5pm.
Many are saying that Culver City could be LA’s next big neighborhood—connecting the Westside to the Eastside, capitalizing on its central location and historic character. The summit will dive into topics such as new developments under way and on the horizon, challenges and opportunities in the market, and what the City is doing to promote growth!
Other issues include What’s pushing Culver City’s growth? Is it its good stock of larger creative former industrial buildings and better housing options for employees? How will the Expo Transit affect Culver City and how will the City capitalize on it? What would the impact of City sponsored super fiber be on business? What is happening to bring amenities to the Hayden Tract and Jefferson corridor? What business are moving to and are attracted to Culver City? What is the new media cluster all about? How will Culver City compete against Playa Vista and Downtown L.A.? What new projects are being built?
Panelists include Michael Hackman, CEO of Hackman Capital, Thomas Wulf, Senior Vice President of Lowe Enterprise Real Estate Group, Andrew Weissman, Councilman & former Mayor, Brad Gross, Executive Vice President of DTZ Brokers, Damon Juha, Partner with Freeman, Freeman, & Smiley, and Jeffrey Palmer, Partner with PMI Properties.
For more information and tickets, see below:
Future of Culver City – Event Information | Online Registration by Cvent.
PMI renovated this 1911 Echo Park Craftsman apartment building at 1306 Temple Boulevard sandwiched between a grade school and a liquor store. The paint and rails detracted from the character of the building. The absence of landscaping and accessibility from the street gave a commercial image for this residential property. PMI retained most of the historical features but used paint, landscape, and wood fencing to create a more residential pallet. PMI used tall timber bamboo to soften the exterior and provide a transition from busy Temple Boulevard and the Hollywood Freeway. The vertical redwood fencing (the hipster fence) gives a contemporary feel and provides the security required by new residents in a gentrifying neighborhood. See renovated exterior below.
New Exterior at 1306 Temple
Prior to the renovation, tenants accessed units through narrow corridors. See picture below.
PMI resigned the property to eliminate the corridors and provide individual unit access from the property exterior.
The original developer in the 1920s divided the each unit into small rooms: kitchen, dining, living, and bedroom The decades old interior plaster and aluminum window dated the units. See below.
Without the corridor, the renovators expanded each one bedroom unit and combined the kitchen, dining, and living into one great room. Each unit had new drywall, paint, solid hardwood floors, and double pane windows. White paint and straight lines made each unit look larger. New large redwood sided balconies extended each unit into the outdoors. Contemporary fixtures and the open kitchens, especially in the unit with a doug fir exposed ceiling, gave the units a loft like look. See pictures below. The old nook kitchens had laminate counters, cheap wood cabinets, and white appliances. See below.
The designer created a contemporary cafe kitchen look with stainless steel appliances, white quartz countertops, thermafoil cabinets, and eating bars. The former bathrooms had a mix of old and new finishes. See below.The new bathrooms have contemporary vanities and new subway tiles to create a contemporary look with a hint of history. See below.New redwood horizontal fencing and stairs (in the second picture below) replaced the old plaster balconies and wood stairs with vertical rails (in the picture below).
The entrance to the parking lot and units was not gated or secure. See belowThe renovators gated the parking lot and secured all access with six foot redwood fencing. See below
With the historical building exterior maintained, the apartment property allowed millennials to live in loft like contemporary one bedrooms in a secure environment that still enjoyed the character of Echo Park and all its amenities and flavor. It was another success by renovator PMI Properties as well as designer and project manager Adaptive Realty.