Westside Newsletter_January 2017

Rodeo Realty News LOCAL EXPERTISE, GLOBAL PRESENCE Westside

January 2017

INSIDE THIS ISSUE CULVER CITY MOVING FORWARD WITH PARCEL B PROJECT FEDERAL FUNDS TO EXTEND PURPLE LINE WEST LA DEVELOPMENT TO START THIS SPRING LA MARKET 17TH MOST EXPENSIVE

Community News Culver City’s Parcel B development to finally move forward

Federal funds to extend Purple line, improve Olympic bid

After years of sitting idle for several years, a prime parcel of downtown Culver City is ready to be developed. Parcel B, the land adjacent to the Culver Hotel, will soon be the home to a 110,000 square foot office and retail complex. Located at the intersection of Culver and Washington Boulevards, the property has long been attractive to developers, with the City awarding development rights in 2011 after a careful review of commercial proposals.

Hackman Capital Partners has recently acquired the development rights and have indicated that they will be move forward in 2017. Original plans for Parcel B called for a complex called Culver Steps that included 45,000 square feet of retail space, 65,000 square feet of office space, and a 10,000 public plaza. It is unclear how much of the original plans will survive the transition to new owners. Hackman also purchased the adjacent Culver Studios in 2014 and has been active in converting several warehouses in the area into creative office campuses.

Federal funds to extend Purple line, improve LA’s Olympic bid. Local and federal officials recently announced that $1.6 billion in federal funds are being granted to the Los Angeles MTA, for the purpose of extending the Purple line subway through Beverly Hills and into Century City. Plans for hosting the 2020 Summer Olympics in Los Angeles call for the Olympic Village to be housed at the UCLA campus, so extending the Metro light rail closer to Westwood greatly improves the prospects of LA being awarded the Olympics.

The Purple line currently runs from downtown LA to the intersection of Western and Wilshire, with construction currently underway to extend the line along Wilshire to La Cienega. The newly funded extension will include the construction of stations at Wilshire and Rodeo in Beverly Hills and near Avenue of the Stars in Century City. With over 300,000 people currently driving to work in Century City, it’s expected that a completed Purple line will greatly improve westside traffic. Overall plans call for the 9 mile path to end at the VA Hospital in Westwood, offering a 25 minute ride from downtown to the westside.

Community News West LA development to break ground this spring

flying to Havana from other cities, has already announced plans to scale back their flights.

Travelers will be pleased, however, to learn that, as of this writing, fares are as low as $318, reflecting Cuba’s location just 90 miles from Key West.

LA rental market 17th most expensive

Construction on an apartment complex planned for 11421 W. Olympic Boulevard, just west of the 405 freeway, will begin in April. Developer Hyericum Companies will build a six-story structure containing 77 apartments and approximately 6,500 square feet of commercial space on the ground floor. Seven of the units will be set aside for affordable housing. Dubbed “On Butler,” the project calls for a contemporary design with balconies and wood panel accents, and a profile that steps down as it moves away from Olympic.

Commercial flights from LAX to Cuba resume After 53 years of government-imposed travel restrictions, Angelenos can now book direct flights from LAX to Havana, Cuba. American travelers had been banned from travelling to Cuba since 1963, but following the thawing of relations between the U.S. and Cuba in 2014, restrictions have gradually been lessened. Federal officials began approving commercial airline service in July 2015, and now Alaska Airline is offering regular direct flights between Los Angeles and Havana. While Cuba has remained an attractive, but unattainable vacation destination since the Cuban Missile Crisis, the true demand for such flights remains to be seen; American Airlines, which was already

A recent report from the rental website Zumper indicates that rent in Los Angeles climbed 5.2 percent in 2016, but that the market remains the 7th most expensive in the country, with an average one-bedroom rental costing $2,030 per month. The neighborhoods seeing the highest increases were Hollywood Hills West, Mid-City, Beverly Hills, and Olympic Park. Nationwide, rental rates only rose 1.8 percent, and some of the most expensive markets, such as San Francisco and New York, actually saw significant declines over the year. Similarly, the high-end areas of Downtown LA, Westwood, Santa Monica, and Marina del Rey saw declines in rent. Meanwhile, on pace with Los Angeles rent, is Angelenos’ difficulty in paying their rent. A recent study by Harvard University found that over 58% of LA renters spend more than 30% of their household income on rent.That percentage earned Los Angeles the rank of fifth worse nationwide, with only Miami, Honolulu, Daytona Beach, and Riverside having more renters struggling to pay their rents.

Restaurant

Spotlight

The OP Café

Bottlefish

Fork in the Road

3117 Ocean Park Boulevard Santa Monica

11677 San Vicente Boulevard Los Angeles

2424 Main Street Santa Monica

This hidden gem in Sunset Park along Santa Monica’s southern border has been serving up some of L.A.’s best breakfasts and lunches since 1996. The vintage bungalowsized café is loved by locals and loyalists for its relaxed beach-town charm, friendly service, and even friendlier prices. Lifelong Santa Monica residents and owners Mark and Lani Verge run the eatery with one motto in mind: It’s personal.

Here you can get chilaquiles, eggs benedict, loaded pancakes and much more! Their extensive menu also has a healthy start option, wraps, burgers, and sandwiches.

If you’re looking to spend a lazy afternoon around a historic photography exhibit, The OP Café is a great option! The restaurant is serving Santa Monica daily from 7 a.m. – 3 p.m.

The two founders of California Pizza Kitchen are the primary owners to this new Brentwood Gardens restaurant. The 4,000 sqft seafood restaurant has a 16-seat bar, a temperature controlled outdoor patio, and almost 100 seats inside. TThe small bites section has shareable plates such as the Smoked BBQ Oysters, or the Black Cod Meatballs with spicy tomato sauce and arugula. Diners can also order a la carte from the raw bar or opt for a seafood platter that features an assortment of oysters, shellfish, scallops, lobster, and ceviche. Bottlefish is open daily for lunch and dinner.

Hours of operation are Sunday –Thursday from 11:30 a.m. – 10 p.m., and Friday – Saturday from 11:30 a.m. – 11 p.m.

Fork in the Road is back with a new flair. The restaurant has returned with a brand-new chef, who is serving a California-meetsMediterranean cuisine made with fresh, locally sourced ingredients.

The menu here includes dishes like roasted Spanish octopus, a compressed pork belly with mango-tomato chutney, and a duck prosciutto flatbread with arugula, smoked mozzarella, and artichoke.

The chic bistro also offers an assortment of alcoholic and virgin cocktails, wine by the glass, craft and draft beer. The restaurant suffered a kitchen fire in 2015, but brought the restaurant back to life with a hip, dim vibe for its 62-seat dining room. Fork in the Road is open Tuesday – Sunday at 5:30 p.m. for dinner.

SIGHTS & SOUNDS in LOS ANGELES

LACMA

The Broad

5905 Wilshire Boulevard Los Angeles, CA 90036

2210 South Grand Avenue Los Angeles, CA 90012

CURRENT EXHIBITION:

CURRENT EXHIBITION:

Picasso and Rivera: Conversations Across Time December 4, 2016 - May 7, 2017

Creature November 5, 2016 - March 19, 2017

The current exhibition compares and contrasts two of the most successful and most self-aware artists of the 20th century, Pablo Picasso and Diego Rivera. Tracking their training, their careers, and their impact on modern art, the exhibit includes 150 paintings, etchings and watercolors presented alongside ancient objects from antiquity.

Annenberg Space for Photography 000 Avenue of the Stars #10 Los Angeles, CA 90067 CURRENT EXHIBITION:

The Broad’s new featured exhibition, occupying its first floor galleries, is a selection of pieces representing various views of selfhood and the human experience. Artists featured include Georg Baselitz, Joseph Beuys, Jean-Michel Basquiat, Ellen Gallagher, Leon Golub, Jenny Holzer, Damien Hirst, Takashi Murakami, and Andy Warhol. Thomas Houseago’s Giant Figure (Cyclops) is shown in the U.S. for the first time.

IDENTITY: Timothy Sanders

The List Portraits September 24, 2016 – February 26, 2017 IDENTITY is an exhibit of large format portraits by noted photograher and documentarian Timothy Greenfield-Sanders. The exhibition is divided into five installments, each representing a marginalized group or ethnicity. One installment, called The Trans List, is being presented publicly for the first time.

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