Creative companies are disbursing around Los Angeles. As we discussed In previous posts, the location of creative firms around Los Angeles resembles a boot. The foot of the boot stretches from Manhattan Beach to Santa Monica. The shaft passes thru Culver City, Beverly Hills, West Hollywood, Hollywood, Burbank/Glendale, Downtown, and Pasadena.
We can now identify the types of creative firms more likely to locate in different parts of the boot. Playa Vista, Venice, Santa Monica, and Venice attract technology, biotech, advertising and social media companies. Entertainment, media, music, and new media companies are moving back to their cultural roots in Culver City, Hollywood, and Burbank,. A prime example of this is Viacom’s planned move from Santa Monica to Hollywood. Downtown is attracting fashion, art, design and architecture tenants. An example of this is Nasty Gal Fashion’s expansion and Gensler’s move from the Westside to Downtown. Being in close proximity to Hollywood and Burbank/Glendale, Downtown could eventually also attract new media companies. The techies like the beach, and the artistic crowd likes LA’s cultural neighborhoods
PMI Expands Its Highland Park Portfolio Once Again!
5515 Media Exterior
We are pleased to announce our acquisition of 5515 Media Ave, a sixteen unit apartment building in the Highland Park neighborhood of Los Angeles.
Highland Park started attracting Young Urban Creatives due to its proximity to the creative industries in Downtown, Pasadena, Hollywood, and Burbank/Glendale and due to the abundance of 19th Century historical homes being rehabbed. These millennials work in the creative industries: entertainment, music, media, design. Housing renovators first bought small 19th century houses, renovated them, and sold them to the Young Urban Creatives who appreciated the more affordable home prices and housing’s historical charm. This trend gave way to new retailers opening stores, cafes, and bars on York Avenue and Figueroa to cater to this demographic. Cognizant of this new pool of young creative workers, more companies in certain creative industries like entertainment, media, and fashion are moving back to Downtown, Pasadena, Hollywood, and Burbank/Glendale taking advantage either of the availability of larger creative spaces or more affordable creative spaces than available on the Westside.
We intend to reinvent and extensively renovate this bland and ordinary 1950’s building into a contemporary modern complex to fit the taste of the creatives moving into and near Highland Park. We will fix some of the building’s shortcomings, starting by constructing brand new interiors. On the outside, we will make use of the abundant land to create expansive private patios. The low density and abundant outdoor area in some older existing properties. like 5515 Media, provide an alternative that some Young Creatives prefer to a high density newly constructed multifamily building.. The immediate neighborhood contains many historical residences and is part of a Historical Protection Overlay Zone that makes new multifamily construction difficult.
5515 Media is PMI’s 22nd acquisition in Northeast Los Angeles.
Young Urban Creative
We have struggled to define a term for the millennials that can pay higher rents to live in our newly substantially renovated apartments. Yuppies really defined the young baby boomers who chose professions in the 80s that allowed them to live with conspicuous consumption as they pursued their careers. Hipsters define a certain culture of monied young millennials pursuing a more bohemian lifestyle. Millennials describes the entire generation Y. Many people use the terms Millennials or Hipsters to describe the creatives that are pursuing a more urban lifestyle in Hollywood, Echo Park, Silver Lake, Downtown Los Angeles, Downtown Los Angeles, and Koreatown. We do not think these descriptions fit our tenancies. We instead referred to this demographic as “young creatives” as they tended to work or pursue passions in the creative industries within Los Angeles: tech, media, entertainment, art, architecture, music, etc.
Finally, an article in Mashable called “Death of the Hipster, Rise of the Yuccies ” has tried better to define this demographics as “Young Urban Creatives”.
These creatives choose currently to rent and want a more diverse environment close to amenities, work, and entertainment.
We invite you to read more about this demographic in the article below.
Death of the ‘hipster.’ rise of the ‘yuccie’ – CNN.com.
Note: Can you predict a generation by what screens they prefer for entertainment: television, computer, laptop, tablet or smartphone?
We are pleased to announce both the full lease-up of 865 Hoover (click here to read more) as well as the completion of our next five unit apartment renovation in Silverlake at 4356 Burns, close to the very popular Sunset Junction. 4356 Burns Ave demonstrates PMI’s Creative Multifamily strategy.
Creative Multifamily is a new line of small low rise apartments that are stylish, contemporary, and playful but yet still affordable. The apartment retains the flavor of its era but with a total new creative interior. Residents here want to walk to amenities and identify with the artistic flavor of the neighborhoods. These apartments are located two blocks from the very popular Sqirl coffee shop, a new coffee shop in this rapidly gentrifying area.
We took a property with great character on the outside and maintained it with just a bit of contemporary defined by the new landscape and fencing.
Before Living Room
After Living Room