Save the date: RealShare L.A.comes to the Hyatt Regency Century Plaza in Los Angeles, CA on March 27, 2013
WEST HOLLYWOOD, CA-Construction has begun on locally based investment firm Faring Capital's newest retail development, a 27,000-square-foot complex geared toward upscale fashion-related firms here at the intersection of Melrose Avenue and San Vicente Boulevard.
The two-story building is rising at 8711 Melrose. Faring Capital would not provide information about its construction cost, but said tenants would likely begin moving in by the spring or summer of next year.
Ground-floor space is expected to lease for about $120 per square feet annually on a triple-net basis, Jason Illoulian, Faring's founder and managing partner, tells GlobeSt.com.
The new development will serve as a gateway linking WeHo's civic corridor to the fashion-heavy “Avenues of Art and Design” community—the three thoroughfares of Melrose, Robertson and Beverly Boulevard.
The project was unanimously approved by both the West Hollywood Planning Commission and the City Council, Illoulian adds, and is “destined to become a prominent landmark in the community.”
The complex was designed by RNL, an international firm whose local offices are in Downtown Los Angeles. The column-free building has soaring ceilings and is the first on the street to have much-needed underground parking, Illoulian says.
It will also feature a nearly 10,000-square-foot rooftop terrace.
Although most buildings along Melrose are single-tenant showrooms of at least 4,000 square feet, Illoulian tells GlobeSt.com that the new project was “specifically designed to offer smaller spaces to attract a diverse tenant mix. There will be plenty of spaces available for those who want even less than 1,000 square feet.”
Faring was founded by Illoulian in 2009. The company owns three other commercial and residential projects in the area, at 8900 Beverly, 8933 Beverly and 146 N. Clark Dr.
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