A local newspaper, The Desert Sun, has reported that downtown Palm Springs is in the midst of an economic revitalization. Locals have noticed an increase in foot traffic with the opening of several new stores (including Starbucks, MAC Cosmetics and H&M), and further development is planned. The city held a “grand opening” for the area in late 2017, and Palm Springs city council member Christy Holstege has even referred to a “Palm Springs renaissance.” Continue Reading Palm Springs Retail Revitalization Potentially at Risk
The Westside Pavilion—the 755,000 square foot, 1970s fortress-style mall located in West Los Angeles—has been put up for sale by its owner, Santa Monica-based REIT Macerich Co. Tom O’Hern, Macerich’s CFO, predicted that the property would likely sell within a year. And although the Westside Pavilion is facing many of the same systemic pressures that other malls are facing nationwide, those are not the only reasons the mall is up for sale. Continue Reading A Unique Situation for a Unique Asset
A world of driverless, or autonomous, cars is much closer than we may think, and it will leave an indelible mark on retail real estate development, according to a GlobeStreet interview with Angelo Carusi, a principal at architecture and design firm Cooper Carry. According to numerous automobile industry experts, driverless cars will be in use and on the roads within the next 10 years. Continue Reading Driverless Cars and Driverless Spaces: The Future of Retail
Prospective buyers of property for retail development face a plethora of issues when negotiating a purchase from a potential seller. Aside from the obvious issues of purchase price, contingencies and financing, prospective Southern California buyers are also confronting issues related to the availability of parking. As developers try to maximize their leasable footprint, there is a growing trend to look to subterranean parking, according to James W. Abbott, Jr., a broker at Realty Advisory Group in Los Angeles, California, who specializes in retail and institutional sales in the hot Venice Beach area.