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.
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 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:
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).
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.
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
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.