It’s not only residential real estate prices that are climbing in West Hollywood. The LA Business Journal reports that the Tommy Hilfiger store on the southwest corner of Robertson and Beverly boulevards, recently sold for a record $2,815 a square foot. The store opened in 2013.
The 11,000-square-foot retail space was purchased by real estate investor Jerry Illoulian for $31 million from Diana Katsenes. According to the Business Journal retail space in West Hollywood has averaged $1,200 a square foot. Real estate experts attributed the high price in part to the desirability of property in the West Hollywood Design District, where the Hilfiger store is located. That area is home to dozens of high-end fashion and design firms and salons and restaurants. Ted Stafford, president of Stafford Commercial Real Estate of West Hollywood, represented the seller; Aaron Abrams and Chris Spirito of the same firm represented the buyer.
Well said Lynn.
@Tom Smart & Disco Dan: The Sunset Plaza property is owned by the Montgomery family who appear to be what is desirable in a landlord, one that keeps the buildings in condition that attract top retail business and restaurants. They have achieved their own mix of presenting viable modern business location opportunities in buildings of architectural merit. Not every landlord shares this point of view and there will always be the opportunistic forces that want to stretch and contort every aspect of the code to meet their maximum profitability. While it is easy to assume that all this occurs through… Read more »
Tongue in Cheek: Why doesn’t the Planning Commission and the City Council (well, the former City Council) just bite the bullet and decide on a “Slash and Burn” policy (actually, they’ve been doing it for years), designating any structure in WeHo that is more than 35 to 40 years old be razed? Clear out all those “old” buildings, get rid of those “Mom & Pop” stores, erect buildings 25 stories high, etc. AND the structure on the southwest corner of SMB and Kings Road (across from Gelson’s) is now almost totally vacant, awaiting, I’ll assume, the wrecking ball. And that… Read more »
Joe, please re-read my comments above such as: “Measured development is fine.” “We need to put a Slow Growth Initative” (I didn’t say no growth) “If the voters don’t agree with me, so be it.” “Heilman has done many great things for this city and I appreciate that,” I didn’t say it was all or nothing. Even MANNY has conerns 🙂 Thanks for that man! But seriously, some of the questions I raise are pre-next wave of development. I’m curious as to why you think Sunset Plaza hasn’t seen the wrecking ball, for instance. Do you believe it’s a few… Read more »
Mr. Smart, I think you should just stop using the word “blame.” Not every project that is proposed becomes developed. Moderate growth is healthy. Do you blame D’Amico for voting for Sunset Millennium? I hate it every time I drive by the intersection. However, I don’t scream “Damn D”Amico.” The answer is we need to move forward in a sensible way and people most intelligent should be empowered to carry out the West Hollywood General Plan. I think all of the candidates running love the City. Some are just more capable of balancing the interests of people than others. I… Read more »
How does Beverly Hills do it? How does a great deal of Santa Monica do it? How does 3rd St LA do it? How does Old Town Pasadena do it? Should I continue? Do you really want to live in a world where everything is a chain store or restaurant???
How do you propose we protect the Mom & Pop stores? We live in a capitalistic society, WeHo is an increasingly attractive retail location, landlords are going to increase rents and put people out of business even if they don’t sell their properties. Locally owned small businesses are struggling everywhere across the country vs chains. There is little the council can do about it, so you really shouldn’t act like they can.
I hear ya. Look, Heilman has done many great things for this city and I appreciate that, but now all hell has seemed to break loose and he’s the only one running for council (and the one with all of the developer cronies.) I’d blame Abbe too but she’s gone and Duran isn’t running, or I’d blame them too. We need to slow this stuff way down. Huge concrete boxes are either being slapped-up all over the place or there’s a big hole in the ground with no movement (Walgreens at SMB/Crescent Hts for instance). Do we really want a… Read more »
Come on Tom, you must have thought it was just a little bit funny.
I actually have many of the same concerns you have. I only hope people don’t get too distracted by political illusions and delusions.
…..and why would I care about Fountain & Western anyway??? 🙂
Funny Manny—-sorry (not really), I just don’t like to see the lovely town I’ve lived in for decades completely destroyed, especially due to campaign donations, backroom deals and God only knows how many free vacations, cash, perks etc. Measured development is fine. Bulldozing the city at warped speed is not. We need to put a Slow Growth Initative and Ethics Reform on the next ballot. If the council won’t do it, the voters must. If the voters don’t agree with me, so be it. I can already see the flood of donations rolling in from Developers to defeat both. Does… Read more »
I was stuck in traffic on Fountain and Western recently and two people in the back seat yelled, “This is all John Heilman’s fault!”
How did Tom Smart and Alison get in my car?!