The former Fedco building on La Cienega Boulevard and the surrounding area in South Los Angeles are getting a new lease on life.

The building was damaged in the 1992 riots and closed. It reopened but closed again after the discount retailer filed for Chapter 11 bankruptcy protection last year.

A 130,000-square-foot Target store is now slated for the site, and part of the surrounding land (50 acres, including Target) may be developed as a multimedia park, driven in part by the burgeoning desirability of the nearby Culver City creative office market.

"It will have some of the elements of the General Motors site (in North Hollywood), with retail and industrial and synergies that make it economically viable," said Rocky Delgadillo, deputy mayor for economic development. "We think the spillover from Culver City will lead to the creation of a new media park. Developers are out there now trying to assemble sites."

Already, neighboring Culver City has attracted a host of entertainment and creative firms, drawn by funky converted warehouse spaces and relatively affordable rents. Last week, advertising giant Ogilvy & Mather decided to move its West Coast operation from Brentwood to a converted warehouse in the Hayden Tract, a Culver City development created by entrepreneur Frederick Smith.

Smith is also contemplating the addition of square footage to a creative office development that now houses Kodak Interactive, just north of the Target and See's Candies properties.

"The whole area has changed with the Hayden Tract. It's a better marketplace," said Ian Strano of First Property Realty Corp. "It's been a secondary location for many years, but it's being considered by many tenants. It took an area that was blighted and put a new stamp on it."

Ezralow Co. also has the neighboring former Sparkletts site, a four-acre property being marketed as a build-to-suit for a high-tech or multimedia tenant, said Blake Mirkin of CB Richard Ellis.

The Target property is also being considered for the Genesis L.A. program, which expedites projects in the city's poorest neighborhoods.

Two Rodeo Deal

Eastdil Realty has been hired to sell Two Rodeo Drive, the faux-European cobblestone street lined with expensive boutiques at Rodeo Drive and Wilshire Boulevard.

The owners consist of a partnership between Sogo Co., one of Japan's largest department store chains, and Kowa Real Estate Investment Co., a subsidiary of Industrial Bank of Japan.

The partners reportedly paid more than $200 million for the 135,000-square-foot complex in 1990. At the time it was said to be one of the highest per-square-foot prices for retail space in Southern California.

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