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Includes Address 2. I used to drive down Rimpau [Ave. Each one fixed up one by one. You have to just wait for the momentum to do something that allows you to take it to the next step. TNN: So the development will be done in incremental steps. Everything in life is incremental, and especially a development like this. Once you get a tenant that brings a certain customer in, that will attract other tenants who wanted that kind of customer, too.
They think of this area as not worth coming into because they perceive it as a low-income area, which is completely untrue. This is a very mixed-income community with a lot of middle income and upper income neighborhoods. This is one of the highest density areas in the city of Los Angeles and the most underserved from retail zoning. TNN: People have been murmuring….. Orchard is closing. The Federal Bank is closing. The bowling alley has closed and all coincidentally happened with your purchase of the land, giving rise to rumors and confusion.
Can you respond? JAMES : We inherited, say the bowling alley lease, as a part of the acquisition but we were just a landlord, and they were just a tenant, and there was an agreement.
We inherited a company that had filed back in November for Chapter 11 Bankruptcy, Protection and Reorganization. We gave the maximum amount of extension to the trustee in the bankruptcy court to allow AMF, who owns World on Wheels, as well to resolve their problems.
It was the only under-one-roof bowling alley, roller skating rink owned and operated by AMF in the entire country. Their choice was to shut down the store. The lease initially was accepted, then it was rejected, which was all out of our control through the bankruptcy court. They were paying type rents. The regulators had placed them under Cease and Desist.
I believe the Hudson family has stepped aside. They closed down their main branch on Wilshire in order to raise some capital. We were just notified of this very recently. CORT : It is an unusually bizarre, never to be seen again set of circumstances.
TNN: It seems as if the stars were aligning. Would there be any efforts to bridge with the Midtown Crossing mall? TNN: Like maybe a physical bridge? Or are you going to be on your side, they will be on their side and let the best plaza win?
JAMES : We want them to be as successful as anybody else, due to the fact that we have now created, as Jim Lowe says, this continuous shopping district. But what about the actual businesses that are coming in?
Do you have a vision for the kind of businesses that you are going to focus on developing in here? Are they going to be family-owned, franchises, chains? Our goal here is to incrementally improve the quality of the tenant and the services that they provide to a higher and higher and higher standard.
Ma and Pa businesses are not as interested in financing buildings because it has too much risk. COURT : I just want to add that we still have about five or six Ma and Pa shops that have been here for over 20 years, who we know are fixtures of the community, and they will remain there. TNN : Where did you do the survey? We passed them out at the coffee shop. We had some people take it out to Los Angeles High School. We collected several hundred.
Are you getting any government funding? We have, over time, developed personal relationships with retailers all over the country and have the reputation of being a straight shooter and we have interest from many, many national tenants. Standing like a sentinal at the entrance of what I like to refer to as the West Adams Gateway
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