Property Types Retail
What Will Save Westwood?
May 6, 2008
Source: Los Angeles Times

Though it may be a surprise to those who come to party there on Saturday nights, Westwood Village is trouble. The venerable retail area adjacent to the University of California, Los Angeles, has been in slow decline for decades due to gang activity and empty storefronts. However, the Los Angeles Times reports, a burst of construction activity promises to restore Westwood to its former glory.

This burst includes the 350-unit Palazzo Westwood Village on Glendon Avenue as well as developer Kambiz Hekmat's extended-stay boutique hotel that, once completed, will feature shops and restaurants. A modernist-style retail project is slated for the former site of the recently razed Mann National Theater.

 
Recent Retail Headlines
Corus, Lehman Bros. Make D.C. Loans
Corus Bank closed a $72 million loan to MR BP Office #1 L.L.C. to finance the construction of a nine-story Class A office building located at 55 M Street SE in Washington, D.C.
H&M Opens First of Series of Atlanta Shops
The Swedish clothing retailer will debut its first in-town store at Atlantic Station on June 13.
JV Formed to Develop Suburban Des Moines Retail
Capital Growth Madison Marquette of Minneapolis and DRA Properties L.L.C., an Ankeny, Iowa-based real estate company, have formed a partnership to develop about 500,000 square feet of retail space in Ankeny.
Barneys CEO Officially Resigns
Following several rumors and reports of the resignation of its CEO, Barneys New York has officially announced that Howard Socol, chairman, president and CEO of the company, has resigned.
Macy's Announces Openings in Southwest
Cincinnati-based Macy's Inc. announced plans to open three new Macy's stores in the Phoenix market within the next two years.