Cities are exchanging entitlements for public benefits. The City of West Hollywood got Restoration Hardware to offer free valet parking and provide a public park on it rooftop at its flagship West Hollywood store at 8564 Melrose Avenue directly across the Urth Cafe. It is open daily to the public and has party space, a outdoor pool table, and ping pong. The park looks more like the rooftop of a W hotel or the Standard Club. Bring your lunch. This is an example of the public benefits cities are extracting from property owners and developers for zoning rights, in this case a conversion of an office to a retail store.
Category Archives: Property Spotlights
Los Angeles Real Estate Tech Heat Map
Here is a great map of the Los Angeles area markets where technology companies are locating and a review of the pros and cons for each market. Click the pdf below
PMI Properties and Bisnow to Host Summit on the Future of Culver City, LA’s Next Big Submarket
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.
Millennial Kitchens are For Looking and Not Cooking
Kitchens, even in apartments, were an important room in the old days. Prior to the 1950s, apartments had large kitchen with space for a breakfast table (see above picture).
After 1940s and on, kitchen were relegated to galleys with maybe a pass thru eating bar. But the kitchen was still large enough to prepare the Thanksgiving dinner (see pictures below).
Now developers are again shrinking the apartment kitchen further. Kitchens are are no longer hidden in a separate room or a galley but front and center in the great room. Many millennials no longer cook meals but bring home takeout, throw something into the microwave or toaster over, or eat out. The kitchen’s have been reduced to grand coffee bars. Kitchens must look better than before. Kitchen are showpieces with contemporary cabinets, quartz countertops, and stainless steel appliances (see pictures below).
Kitchen In New Stella Apartments, Marina Del Rey
HatchBeauty Leases 10,300 SF at Westside Creative Office Building
Hatch Beauty has leased the upper third and fourth floor at a creative office building located at 10951 Pico Boulevard. The five year lease is for 10,300 square feet. The Hatch Beauty Agency is a marketing and design company that focuses on the beauty care industry. Hatch Beauty Agency was formerly located in Santa Monica and shows how creative companies are leaving Santa Monica for more affordable creative offices on other parts of the Westside.
In 2000, PMI Properties, the landlord, converted 10951 Pico Boulevard to a creative office building. Former tenants included California Assemblyman and Chicago 7 activist, Tom Hayden and web video gaming jaggernaut, Machinima. Machinima was founded by Allen DeBevoise, who founded the company in 185 foot suite at 10951 Pico. Current tenants include online social site Bebo and social E-commerce website Little Black Bag.
During the pre-leasing process, PMI Properties was represented by Dave Wilson and James Wilson from Lee & Associates. Hatch Beauty was represented by Travis Landrum from Industry Partners.
Images From New Urbanism
Single Family Home Rentals on the Rise
Read about the changing trend that Premier Property Management Group has discovered:
Single family home tenants are 18 percent more likely than apartment tenants to stay in their current homes five years or longer, suggesting that demand for single family homes, the fastest growing rental category, will be more stable than multifamily demand.
Check out the entire article from Real Estate Economy Watch here: Single Family Renters More Likely to Stay in Place | RealEstateEconomyWatch.com
Selling Creative Office in Downtown LA to Westsiders
On February 21st, 2013, Michael White, a principal at the architectural firm of Gensler, participated on a panel about creative office in Los Angeles. He discussed Gensler’s move from the Westside of Los Angeles to Downtown Los Angeles. According to White, when Gensler announced that they were moving their offices downtown, employees expressed shock and disappointment.
The senior executives noticed that many of the associates rent housing, instead of owning. Gensler sold the downtown location by stressing that it would be much more affordable for the associates to one day buy in the neighborhoods near downtown than those on the Westside. According to White, the housing affordability argument helped turn the tide of opinion to a positive one about the move to downtown Los Angeles.
Transit and Parking is Coming Near 10951 Pico Creative Offices at Sepulveda/Pico Expo Line, But Will Employees Walk?
New and exciting things are happening in the 10951 Pico neighborhood! The Expo line will connect the area around 10951 Pico with transit to Downtown and Santa Monica, as well as providing 1,795 new parking spaces. It will also feature a 250 space free Caltran commuter lot. The Expo Station will be less than a half mile from the 10951 Pico Creative Offices (at Veteran Avenue and Pico Boulevard), making the walk just under ten minutes. Compared to other cities, where a ten minute walk is nothing, LA Westsiders consider this trek an inconvenience. Even a short five-minute walk borders as unbearable. Los Angelenos just don’t walk from parking or transit to work.
Even now, there is plentiful free parking along the Expo line that is a five-minute walk from the 10951 Pico Creative Offices. However, some tenants do not recognize such parking as convenient.
In Beverly Hills for example, some office deals hinge on parking spaces next to the elevator. It can get that competitive. More transit and parking is coming, but the big question is if employees will get used to walking back and forth from the parking located 5-10 minutes away from their respective work locations. As office densities continue to increase beyond five per 1000 square feet, tenants and employees alike will need find locations near parking and transit, and learn to walk longer to work. A University of Michigan survey found that teenagers in 2010 were much less likely to drive than teenagers in 1983, so maybe times are changing.
The mixed-use project proposed at the Sepulveda/Pico site includes on-site bike and car sharing facilities, bicycle parking, and will even offer transit incentives and free or discounted Metro Passes to residents and employees by the developer. Once this project is finished, time will tell if those enticing amenities and incentives will encourage more people to use transit to get to work.To learn more, read about the proposed parking in this article.
“Not Your Father’s Pico”: New Amenities Surround 10951 Pico Building
Several new amenities have opened that are situated close to our 10951 Pico Boulevard building in West Los Angeles. Some of them include the Landmark Theatres and restaurants and bars such as the Westside Tavern, The Wellesbourne, and Bossa Nova. The Landmark, located inside the Westside Pavilion mall, is one of America’s largest chains dedicated to independent films. It endorses a diverse group of foreign, indie, and, of course, Hollywood films. Like other theaters, you can reserve tickets and seats online prior to the movie showing.
Just next to the Landmark, Westside Tavern is a modern, trendy American restaurant and bar. Westside Tavern is the creation of Chef Warren Schwartz who is also the creator of the Saddle Peak Lodge, Patina, and Whist.
The Wellesbourne is an old-English style lounge known for its hip, energetic atmosphere with inventive cocktails, cool furniture, and shelves of books. Wellesbourne is packed on Friday and Saturday nights with Gen Ys, and if you’re lucky, you may even catch a live band performing at night.
Originally from the Sunset Blvd Hollywood area, Bossa Nova is now available on Pico for Westside hipsters. It is the place to go for authentic Brazilian cuisine. Start off with popular appetizers like cheese bread or plaintains, indulge in a hearty entree of fish or steak, and end with the Passion Fruit Mousse.
In addition to all of these newer amenities, the Westside Pavilion still includes many dining and shopping options just down the block, within walking distance of our 10951 Pico building. With all the new and exciting amenities so close to the building, it is sure not to disappoint. This is “not your Father’s Pico” anymore!
For more information, please check out our website.