Disclaimer: H.W. Holmes, Inc. curates this monthly summary of commercial construction and development news in and around Los Angeles, Ventura, and Santa Barbara, CA. We have no association with any of these developments unless specifically stated.
Construction Begins on North Hollywood Mixed-Use Development
Construction has officially begun on NoHo West – the redevelopment of North Hollywood’s Laurel Plaza shopping center developed by Merlone Geier Partners and GPI Companies. This mixed-use project will combine residential units (a projected 642 apartments) with between 50 and 60 retail and restaurant options, a multi-screen movie theater, gym, and grocery store.
Macy’s once stood at the heart of this 25-acre property near Laurel Canyon Boulevard and 170 Freeway. The department store closed in September of 2016. Its former space is being converted into a 500,000 square foot office complex to house anywhere from four to ten tenants.
Stir Architecture is designing the development, which looks to be a miniature neighborhood in and of itself. The main thoroughfare will feature several buildings with pedestrian plazas and open communal areas sprinkled in as well. The target completion date for the development is the fall of 2019.
Beverly Center Stepping Out of the 1980s
The Beverly Center – LA’s premier shopping mall – is moving away from the 80’s shopping mall stigma – with a bright and airy $500 million makeover. The shopping mall’s owner, Taubman Centers, recently sent photos documenting progress to Curbed Los Angeles.
Showcased in the photos are images of the future home of “The Street” – chef Michael Mina’s curated food hall – set to occupy the mall’s top-floor.
A huge “waterfall” window will give diners a view of the sky, downtown Los Angeles, and the Hollywood Hills. The mall’s entire makeover is being designed by Italy’s Studio Fuksas with the intent of rebranding the shopping center.
Skylights have also been installed near the Bloomingdale’s department store. The store’s exterior also has a new facade consisting of panels of perforated steel.
Santa Barbara Commercial Real Estate Booming in 2016
According to a Q4 report from Lee & Associates Central Coast, the Santa Barbara County commercial real estate market closed 2016 strong.
Mixed-use development in the region is booming. There’s been a steady influx of new residents moving into the region. This has spawned multi-family residential, office, and retail development.
One example is the Marc – an 89-unit luxury apartment complex on upper State Street in Santa Barbara.
With the first phase of this Kor Group project completed, vacancies in store fronts along the State Street corridor are expected to fill up. Smart & Final Extra just recently leased 35,000 square feet in the Five Points Shopping Center. Collaborative work spaces like Impact Hub and The Sandbox are also choosing downtown Santa Barbara sites, which is hopefully another indicator that the issue with vacant commercial properties is on the mend.