La Brea site assembled for development as retail, hotel. (Real Estate).L.A. developer Borne! Management has assembled a two-acre parcel on La Brea Avenue La Brea Avenue is a prominent north/south thoroughfare in Los Angeles. After Hawthorne Boulevard intersects with Century Boulevard in Inglewood, La Brea Avenue is formed. La Brea passes north through Windsor Hills, Baldwin Hills, and Ladera Heights. between 1St and 2nd streets and plans to redevelop the site into a high-end retail center and boutique hotel Boutique hotel is a term originating in North America to describe intimate, usually luxurious or quirky hotel environments. Boutique hotels differentiate themselves from larger chain/branded hotels and motels by providing personalized level accommodation and services / facilities. . Robert Rechnitz, principal at Bomel, would not disclose the purchase price, but a source close to the deal placed it at $17 million. "That particular strip of La Brea La Brea (lə brā`ə), area, S Calif., formerly in Rancho La Brea. The La Brea asphalt pits, which yielded prehistoric animal and plant remains, are in Hancock Park, Los Angeles. is an outstanding niche market A niche market also known as a target market is a focused, targetable portion (subset) of a market sector. By definition, then, a business that focuses on a niche market is addressing a need for a product or service that is not being addressed by mainstream providers. for retail," said Rechnitz, who said he was in discussions with a "Rodeo Drive-quality" Italian company as a possible tenant. "I want something that would be a composition of small boutiques mostly unique to the area. We're going to be staying away from national chains." Bomel, which owns a number of apartment complexes in the Hollywood area, plans to develop ground floor retail of 2,500 to 3,000- square-foot spaces for independent furniture and clothing designers. The company also plans to build a boutique hotel at the corner of La Brea Avenue and 1st Street within the next three years, said Rechnitz. Bomel owns the 50-room Elan Hotel Modem on Beverly Boulevard Beverly Boulevard is one of the main east-west thoroughfares in Los Angeles. It begins off of Santa Monica Boulevard in the Beverly Hills and West Hollywood border and ends on Lucas Avenue near Downtown Los Angeles. and once owned the Beverly Carlton Hotel Carlton Hotel can refer to:
By converting the block, Bomel's development would be a bridge between La Brea Avenue restaurants and shops to the south like the Campanile campanile (kămpənē`lē, Ital. kämpänē`lā), Italian form of bell tower, constructed chiefly during the Middle Ages. and Rita Flora and the popular shopping areas of Melrose Avenue and Beverly Boulevard to the north. Still, luring Beverly Hills-type tenants to the development could be a challenge, according to Chuck Dembo, partner at Beverly Hills retail brokerage Dembo & Associates. "It's a respectable area, and there aren't many other places to go," said Dembo, who estimated retail rents along La Brea to be in the $2.25 to $3 a foot range. "But it's laughable to think that a Rodeo Drive tenant would go to La Brea." The 13 parcels that make up the assemblage include the old Continental Graphics Corp. The deal was made with Boeing Realty Corp., which purchased Continental Graphics in 2000. Continental Graphics moved out after the purchase. Cushman & Wakefield Inc.'s Steve Marcussen represented the seller. Bomel was represented internally. |
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