5.16Q_Focus 7-04 4/29/16 10:43 PM Page 10
Biz NewsBriefs Dwayne Wade Expands Brand, Kerry Washington Lands Big Deal
N
BA superstar Dwayne Wade opened up with Wine Enthusiast Magazine on the expansion of his business empire—which already includes a shoe line as well as a line of socks, commercials and endorsements —into the wine business last year. Inspired by a trip to Napa Valley with his wife, actress Gabrielle Union, the Miami Heat shooting guard has launched Wade Cellars in July of 2015, and is marketing his first two selections, a 2013 red wine blend—Three By Wade— priced at $105 and another, simple called “Wade”. Being an African American, Wade said,”This is an avenue and a lane I want to own. I don’t think a lot of
of two Los Angeles branches, Ladera Heights and Pasadena, while seeking a Boston headquarters location. Representatives maintain that the strategic move is part of a reconfiguration that would generate significant growth and place OneUnited Bank at the forefront of community banking by building what is being heralded by bank executives as the "Bank For The Future" or #BFF. As the first Black internet bank, OneUnited was recently rated one of the top 25 community banks in the country for its social media presence. OneUnited Bank President & COO Teri Williams comments, "Banking is experiencing a new frontier; we need to be where our customers are…in local communities and online. To support our #BFF strategy, we are reconfiguring our branches, committing resources to new technology platforms, better tailoring our loan and deposit products to meet our customers' needs, launching new products such as our UNITY Visa secured credit card, expanding our social media presence and improving our web design to complement our strategy." The bank continues to use its signature Los Angeles branch at 3683 Crenshaw Boulevard to offer financial literacy classes and welcomes organizations to use its community and board rooms.
Kerry Washington Inks Major Deal
people understand wine. We have hard liquor and vodka pushed in our faces all the time. That’s all we see, but wine hasn’t been shoved in our faces, so we’re not educated as such. I want to educate our culture, and hopefully, it takes off more. A rollout in the U.S. is underway. In the meantime, the wine can be ordered through his website, DWadeCellars.com. The 34-year old, basketball allstar, attended business classes at Harvard last year. Additionally, he is teaming with his wife on a home renovation series for HGTV, set to bow later this year.
One United Closes Two L.A. Area Branches In a move towards expansion of its online presence and usage of cutting edge technology, OneUnited Bank, the largest Black-owned bank in America, is reconfiguring its branch network including the closure
On the heels of the success of the HBO movie, Confirmation—detailing the Anita Hill/Clarence Thomas saga—Scandal star Kerry Washington has signed a two-year deal with ABC Studios for her production company, Simpson Street. Named after the street in the Bronx where her Mom grew up, the company officially made its debut with “Confirmation”, its first project. As part of the deal, the actress will develop broadcast, cable and digital projects exclusively for ABC. “I believe strongly in the importance of having a seat at the table, which makes starting this production company thrilling for me. It’s an honor to be at a point in my career when I can help generate projects that are exciting, necessary, and truly reflect the world around us,” Washington said in a statement. “I’m grateful to be on this journey with ABC, a network that remains unparalleled in its commitment to inclusive storytelling.” In related news, “How To Get Away With Murder” star Viola Davis, also inked a deal with ABC Studios for her production company, JuVee Productions, which she runs with her husband, Julius Tennon.
SPOTLIGHT YOUR BARBERSHOP IN OUR JUNE ISSUE
FOR MORE INFORMATION: Call (310) 677-6011 Rates as low as $99
On the Money L.A. Rents Continue To Soar, Expected To Go Higher In the Next Two Years
If like most, you’re perplexed at how high the rents have risen in the metropolitan Los Angeles rental market, hold on to your hats, as the cost of living and renting in the City of Angels was up 7.8% at the close of 2015, with the average apartment standing at about $1,873 per month. And if that wasn’t enough, the 2016 USC Casden Multifamily Forecast predicts that, for at least the next two years, vacancy rates will "continue their gradual decline" and rents will continue to rise. Problem is construction of affordable units is being outpaced by the demand for luxury housing in areas like Playa Vista, where a studio apartment rents for $2775 and a two bedroom for $4000. Any increase in inventory will help stabilize the market and create opportunities for sellers who want to move but have nowhere to go. While nationally the rental vacancy rate is 7%, it is just 2.7% in the last quarter of 2015. Of course, all of the above makes it a good time to sell. Retrofitting also impacts the price of rent. Last year, city officials proposed both building owners and renters would share the finally burden equally. Under the initiative, tenants are subject to rent increases over a five-to10-year period, with a maximum increase of $38 per month. By law, landlords can increase rent by 3% once every 12 months. To balance the needs of both tenants and landlords, the allowable rent increase is tied to the Consumer Price Index (CPI). All this means that rent can only be increased 3% - 10% every year. California has some of the highest rents in the country, and in many places they’re still growing quickly. In the meantime, housing prices are expected to stabilize after a 6.8% jump last year.