HOLLYWOOD—While much of Los Angeles' recent development news has concentrated on Downtown and corridors extending from its urban center, there are currently four major projects that are transforming the La Brea corridor, and are also having a trickle-down effect for the city of West Hollywood and its overall real estate strength. La Brea, once a dull and neglected corridor, is now experiencing an exciting renewal. With the city's sights set on mixed-use projects to create a friendlier and more welcoming environment, positive changes are happening now and over the next two years that will be significant to La Brea's transformation.
Mixed-use is the name of the game in this submarket for these four significant projects. Here is the rundown of each:
1234 La Brea – at La Brea and Fountain: The Monarch Group is in the final stages of development of a six-story, mixed-use project with 18,000 square feet of ground-floor retail space and 187 luxury apartments – 38 of which are affordable units – and underground parking. The site was formerly a Jon's Supermarket with an expansive parking lot. Although the project is not fully completed, the residential portion is 40 to 50 percent leased and retail is 50 percent leased.
960 La Brea – at La Brea and Romaine: What was once an abandoned industrial building will be converted into a mixed-use commercial development to include 11,500 square feet of ground-level retail space and 33,000 square feet of office space on the second through fifth floors. Completion is anticipated this year.
7119 Santa Monica Blvd – at Santa Monica La Brea: Also being developed by The Monarch Group and in its final stages of construction, is a six-story, mixed-use project. It will incorporate 12,800 square feet of retail space and 184 apartments, 36 of which will be affordable units. The project is located across the street from the existing Target.
915 N. La Brea Ave. – La Brea and Willoughby: Lastly, the former KCOP Studios is set to be converted into a mixed-use project. This project is situated on the northwest corner of the intersection known as the La Brea Gateway. The Martin Group is building a four-story, mixed-use project, consisting of 33,500 square feet of ground floor retail and 179 residential units (10% which will be affordable units), plus two levels of subterranean parking. If all goes as planned, the opening is anticipated in late 2015 or early 2016.
The City of West Hollywood and area developers are providing a much-needed revitalization for the city and its community—not only for the homeowners in the area—but also for property owners and buyers in and around La Brea. As a Charles Dunn Company agent with properties for sale and lease just walking distance from La Brea, I have noticed an increased excitement from investors and buyers in this market when conveying news of the corridor's transformation. With very little inventory in West Hollywood, buyers are willing to pay a premium for opportunities near thriving and/or new developments. Not only that, tenants are also willing to pay above-average market rates to have their businesses up and running in an inviting location with strong potential.
West Hollywood has some very exciting years ahead of it, and I look forward to its transformation and the rewards it will bring to the city's homeowners, businesses, property owners and visitors.
Sharona Javaheri specializes in sales and leasing of retail store front and offices in Beverly Hills and West Hollywood and works out of Charles Dunn Co.'s Century City office. The views expressed in this column are the author's own.
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