 |
| Broadway Theater District Los Angeles, California theclio.com |
After a week of feeling like the world stood still, Blogger is ready for something a little lighter. In this case, the adaptive reuse of some of Los Angeles's historic grand old theaters. Yours truly dug into the archives and came up with Amy Eden's Los Angeles Times article "Historic theaters gain new life as retail stores." The historic theaters, in this case, are lovely old movie palaces, Downtown Los Angeles, that have new life as retail establishments, hotels, and the odd church or two. These former movie theaters are unique for their opulence and their relatively small retail space. Ms. Edelen writes, "...they reflect a growing need by landlords to find alternative uses for the cavernous spaces as movie audiences gravitate away for single-screen toward multiplexes and streaming services."
 |
| Rialto Theater Photograph by Adrian Scott Fine Los Angeles, California laconservancy.org |
Urban Outfitters spent several years contemplating a store in downtown Los Angeles. At the time, everything was happening around 5th and Spring streets, but the company was interested in the theater district...We toured 12 of the theaters on the street...Most are stunning, but not really conducive to retail.
The Rialto was more conducive to opening an Urban Outfitters, "...once the boutique Ace Hotel opened in 2014 in the upper revamped floors of Broadway's United Artists building."
 |
| Interior of the Rialto Urban Outfitters Los Angeles, California blog.urbanoutfitters.com |
We were fortunate the city was so eager and interested in getting Broadway to be revitalized...referring to Los Angeles's "Bringing Back Broadway" initiative.
We knew we wanted to get in on the ground floor. We wanted to be in the right area and the neighborhood.
COS, Swedish retailer H&M's high-end brand, has plans to open a Los Angeles-based outlet in the historic Olympic Theater in 2017.
 |
| WEHS Olympic Theater Los Angeles, California miren.com |
We actually have quite a few stores in locations of historical prominence around the world and it is true that such venues often do stand out to us for a number of reasons...Sometimes, it's because of their charm or striking architecture and other times, it's for more practical reasons.
COS is not the only business that has expressed interest in leasing space at the Olympic. Brigham Yen, Downtown LA Rising blogger (http://www.brighamyen.com) said,
Right now, the momentum is building due to the Ace Hotel and what's been happening around 9th and Broadway...Retailers are scouting. They know they they want to be downtown, but unsure where they should be."
The unique spaces are a magnet for retailers, looking for places that stand out for the usual run-of-mill mall spaces. Mr. Yen continued,
A lot of people that tour the spaces really do appreciate the historic value of these buildings...They have the best intentions to make the building shine.
 |
| The Palace Theater Los Angeles, California laconservancy.org |
There's so much money required to restored these buildings. It costs millions. We need big chains that are still cool and relevant. We need deep pockets to come put in the money...I'm really so grateful that these retailers are savings these buildings. When they put money in them, it gives them a purpose again that people can interact with.
Ross Melnick, associate professor of film and media at the University of California Santa Barbara, noted that single-screen theaters have been converted into drugstores, gyms, and fitness locations by national chains in the market for real estate. Prof. Melnick said,
There are a lot of examples in New York and Los Angeles...That is what's happening now with downtown.
 |
| The Orpheum Theater Los Angeles, California jeremyochgonzales.wordpress.com |
Prof Melnick told Amy Edelen. "...given the unique dentist of downtown's historic theaters, it would be preferable for them to remain as movie houses. But the viability of that is up to the property owners and their ability to convert the space for film and live programming." Specifically,
One good thing about [retail] restoration is if they make so that the space could be converted back...Most careful restorations usually do that.
 |
| Tower Theater Los Angeles, California en.wikipedia.org |
Despite the potential benefits of rehabilitating these grand old movie palace, sometimes the wishes of the property owners do not sync with preservationists, and the difference between re-purposing a bank and a movie theater is the emotional connection. Prof. Melnick said,
For a lot of people, these spaces have a lot different memories...They have a certain kind of emotional state in them. That's why they can be contested when they are changed. That also accounts for some of the emotions that can run a little higher around these projects.
Brigham Yen told Ms. Edelen, "Retail is essential to build a world-class shopping district downtown with regional and national draw. Specifically,
It's all interconnected synergy that will happen once Broadway has variety business that attract a wide group of people...It's important to some these theaters that may not have the potential to be entertainment venues to be activated.
 |
| United Artists Building Los Angeles, California dornsife.usc.edu |
Rents are another challenge-they are edging upward and the dearth of retail construction in downtown Los Angeles will increase the demand for existing properties, according to the latest report by commercial real estate brokerage firm Marcus & Millichap. Ms. Edelen reports, "The average retail rent in Los Angeles County dos 5.6% over last year to $2.35 per square foot and is expected to rise an additional 3.2%. In downtown Los Angeles, the asking rent is $2.55 per square foot-up 9.6% over last year, with a projected increase of 5.2% in the year ahead, according to the report."
Linda Dishman, the president and chief executive of the Los Angeles Conservancy (http://www.laconservancy.org) does not believe that all 12 Broadway corridor theaters will be active in the near future. The ideal situation would a mix of retail and movie theater, as long as the historic integrity of buildings is respected and resuscitated. Ms. Dishman,
The theater aren't open all the time for the most part and retail, is so it gives people a chance to see a movie on a weekend...What both projects are doing is they are going to relight the neon. There are people who would much appreciate that. It adds to the vitality of the street.
No comments:
Post a Comment