The Arts District Could Be Getting Its Own Hip Version Of The Grove
The Arts District is getting an open-air mall, which is basically how you know that your neighborhood is about to be included in a completely different set of listicles.This 125,000-square-foot mall will be positioned on the corner of Mateo and Palmetto. ASB Real Estate announced in a release that they have purchased the five warehouse buildings that are currently standing there. The plan is to keep the high 24-foot ceilings that the warehouses already have, and then fill it all in with restaurants, bars and shops. There will also be a grocery store, at least one major anchor store and a 430-space parking structure.
The Washington D.C.-based firm makes no secret about the gentrification of the neighborhood, pointing out that the Arts District is getting about two dozen new residential buildings, plus new businesses. The number of residents is expected to double in the next five years and the average annual income is currently $125,000. By comparison, the average income in Koreatown was last pinned at $30,558 (2008 dollars).
"The Arts District evolution tracks what we are seeing in major urban centers around the country where demographic and economic trends are helping regenerate old warehouse districts into vibrant, multifaceted residential neighborhoods with street front boutiques, restaurants, galleries and entertainment venues. This redevelopment project seeks to create value for our investors, while supporting downtown's continuing revival and growth."
Similar development can be seen on nearby streets. The Newberry Lofts on 1st and Alameda went in to an old grocery store. Walk a few blocks from the proposed site of the new mall, and you can find yourself dining at Church & State or buying a $10 bag of granola at Urban Radish.
ASB, who also has property along Hollywood, Robertson and Abbot Kinney Blvds., is taking on this project as a joint venture with real estate firm Blatteis & Schnur.
[h/t Downtown News]