California Centers

JAN 2016

California Centers Magazine serves retailers, developers, shopping center owners, investment sales brokers and tenant representation firms throughout the state of California.

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14 California Centers Magazine | January 2016 C C I t wasn't so long ago that the Broad- way corridor in Downtown Los Angeles was considered desolate, decrepit and even downright dan- gerous at night. That has all changed, thanks to a Downtown-wide cultural renaissance that has breathed new life into some of the oldest, most historic structures. This rebirth, which brought theatres, art galleries and museums to the Downtown core, has also brought additional support to the neighboring retail establishments. This, in turn, has provided more patrons to the arts pro- grams, thus creating a mutually ben- efcial relationship between retail and culture in a portion of the city that was once crime-ridden. "The Downtown renaissance that is happening now is beyond the expecta- tions of many from just a few years ago," says Gibran Begum, managing director in New- mark Grubb Knight Frank's Los Angeles ofce. "The cultural- ly signifcant build- ings on Broadway and Spring Street are where the true culture of Los Angeles began. These 1920s-era properties are reminiscent of the historic architecture you would fnd in cities like New York or San Francisco, but these buildings are 20 minutes from some of the best beaches in the world. For too long they were run-down, boarded-up buildings." The new Broadway District can be attributed to a few innovative own- ers and investors, and to "Bringing Back Broadway," a 10-year plan led by Los Angeles City Councilmember José Huizar. Now in its eighth year, the plan hopes to "provide economic development and business assistance; encourage historic preservation; re- activate Broadway's historic theaters and underutilized commercial build- ings; and increase transit and devel- opment," according to a statement from Councilman Huizar's ofce. The district, which extends from 3rd to 11th streets along Broadway, is home to the Orpheum Theatre, Mil- lion Dollar Theatre, the Theatre at Ace Hotel (United Artists Theatre) and the Museum of Neon Art, among others. The most recent renovation of histor- ic theatre buildings began this past July when Erik Chol reintroduced the Globe Theatre and its neon-lit mar- quee, which had been dark since the 1980s. The 24,347-square-foot space was originally built by Oliver Morosco in 1913. It went through many difer- ent iterations before fnally shuttering as a nightclub in 2011 before Chol's $5 million investment. "It is Los Angeles' Broadway that is home to the most historic theaters on any street in the nation," said Coun- cilmember Huizar when the Globe's marquee was re-lit in June 2014. "One at a time, we are seeing these amaz- ing historic gems brought back to life on Broadway and we look forward to continuing this momentum up and down the storied corridor. I want to thank Erik Chol for his investment and for believing it is never too late to turn something that seemed forgotten by time into something beautiful once again." RETAIL MEETS ART Councilmember Huizar 's last sen- timent seems to resonate with devel- opers, retailers and investors alike who see potential in areas like the Broadway District. These districts have been ideally positioned to ap- THE CURTAIN RISES ON THE 'OTHER BROADWAY' IN DOWNTOWN LA Downtown Los Angeles' Broadway District is experiencing a cultural rebirth that has attracted retailers, tourists and residents from near and far. By Nellie Day Gibran Begum Managing Director Newmark Grubb The buildings of Globe Grain and Milling Company will soon be occupied by art gallery Hauser Wirth & Schimmel. Courtesy Los Angeles Public Library Photo Collection

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