Last week the Business Journal’s editorial team visited the commercial district of the Pacific Palisades, viewing the destruction left by just one of the fires that ravaged the county earlier this month.
Steve Soboroff, the chief recovery officer for Los Angeles, laid out plans for the area, discussed what he would like to see during the rebuild and some associated issues. A few key points:
- Soboroff sees opportunities for housing units to be built on top of one-story retail buildings, but he is more focused on rebuilding than making massive changes to the area.
- Modular housing could be a way to get affordable units built quickly.
- Federal regulations surrounding immigration and tariffs could impact the rebuild.
- Luring workers to the area and finding places nearby they can live during the rebuild is incredibly important.
- Getting materials for individual properties was hard before the fires; now it is going to be incredibly difficult to get all the necessary materials.
- There are already and will continue to be mental health issues coming out of the fires that will need to be addressed.
- We will see a “generational change” as some people choose to sell rather than rebuild.
- Phase II, which is debris removal and lot clearance, is underway at many properties and will be over in about a year.
Property damage estimates for the areas impacted by the fires range wildly. Soboroff called it the “biggest financial crisis in the history of the United States.”
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After 101 years in business, the iconic Original Pantry Café in downtown closed earlier this month.
It originally opened as a 24-hour diner and moved to its current location in 1950.
Former L.A. mayor Richard Riordan bought the restaurant and its surrounding real estate in 1981. He also opened Riordan’s Tavern next door, which has since closed.
When Riordan died two years ago, ownership of the restaurant went to the Richard J. Riordan Trust.
Workers told ABC News that the new owners decided to close the restaurant instead of meeting demands laid out by its workers’ union.
The family trust told Eater LA that the union contract would need to be amended if the restaurant continued to operate.
“Per the Mayor’s expressed wishes and legal requirements, the estate must maximize the value received by his estate’s largest beneficiary, The Riordan Foundation. The trustees of the Mayor’s estate have determined that closing The Pantry and selling the property upon which it is located is the best path to provide the Foundation with the most financial resources to continue its wonderful charitable mission,” the trust said in a statement to CBS News last week.
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Nicole Mihalka, a prominent real estate broker previously with Jones Lang LaSalle Inc., has been named senior vice president at CBRE Group Inc.’s downtown office.
Mihalka specializes in creative office, entertainment and studio spaces. In the Hollywood area she has leased and sold more than 5 million square feet of space in the past decade.
“We are delighted to welcome Nicole to the CBRE team. Her extensive experience with the entertainment industry, along with her leadership in civic engagement and government growth initiatives will be a tremendous asset to our organization,” Jessica Lall, managing director at CBRE’s downtown office said. “Nicole’s addition highlights our commitment to excellence and innovation in the commercial real estate sector, as we continue to drive forward with industry-leading solutions and services.”
