A key name-brand retailer that Westwood Village business owners had hoped would move in by the holidays has decided not to move in at all.
A sign that reads “Coming Soon” on a boarded-up Westwood Boulevard building belies the news that Urban Outfitters Inc. has opted not to sign a lease with Madison Marquette, the largest landlord in Westwood Village.
The Yard House restaurant, another potential tenant that had been expected to move in next door, has also backed away from plans to lease, according to officials at the restaurant’s Long Beach headquarters.
The news comes as yet another blow to the effort to revitalize the Village and create a tenant mix to spark its comeback.
Prospects had been brightening in May, when Madison Marquette, which manages a number of properties on behalf of owners DLJ Real Estate Capital Partners, signed a deal with UCLA Extension for 48,000 square feet in the Village. It was hoped then that the classrooms would generate lots of foot traffic and act as a magnet for major restaurants and retail tenants. But the expected influx hasn’t occurred.
Still, there have been successes. Rebecca Falletta, a spokeswoman for Madison Marquette, said the Koo Koo Roo restaurant chain has signed a lease in Westwood, and other tenants are expected to follow.
“They’ve had plenty of interest,” said Falletta. “But it’s finding the quality tenant mix that will serve the surrounding community. It can take time to develop that.”
Meanwhile, merchants are growing tired of waiting. Many storefronts have been vacant for years, and business owners fear the failure to land Urban Outfitters will leave Westwood eerily quiet through yet another holiday season despite a series of stops and starts in recent years for the revitalization effort.
Four years ago, Village property owners approved $4.4 million in special city assessments for street and sidewalk improvement that have spruced up Westwood’s appearance but done little to boost the area’s bottom line.
Meanwhile, two major projects seen as possible catalysts have languished. Regent Properties has proposed building the Westwood Marketplace on the west side of the Village but no city approvals have been sought or granted.
In addition, Casden Properties has submitted preliminary environmental documents for an apartment/retail project at the site bounded by Glendon, Weyburn and Tiverton avenues. Casden took over the effort from developer Ira Smedra, whose proposal to close off Glendon sparked resistance from residents. The Casden plan does not call for closing the street.
At this point, the Village has no grocery store or major bookstore, even though it’s tucked up against the UCLA campus and the surrounding demographics are a retailer’s dream.
With Urban Outfitters opting not to sign, and growing concerns in the community about a hoped-for grocery store at the site of the long-shuttered Macy’s department store on Weyburn Avenue, activists met with Madison Marquette last week to talk about the difficulties in getting Westwood Village back on its feet.
Madison Marquette has declined to comment on lease negotiations for the former Macy’s building.
