Quote:
Originally Posted by LAsam
Don't forget the 7+Fig renovation which includes Target coming downtown. The other developers could be taking a wait and see approach.
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It may be a little complicated even AFTER Target and other retailers open at the newly renovated 7+FIG mall. The reason is because most retailers are like sheep. They like to follow each other and be very close together, forming a synergy.
However, 7+FIG is not surrounded by much vacant retail spaces. Quite the contrary, most of Figueroa is bombed out, just look at the empty lot across from 7+FIG (at 8th/Fig). It's unfortunate because 7+FIG would have been a GREAT opportunity to create enough critical mass to build from that success. But where would "spill over" retail be able to lease space still close by to the mall?
Most of 7th Street has already been leased out by new restaurants. THE ONLY place that would still be close enough to take advantage of the new 7+FIG is Macy's Plaza. However, it will take another company with a lot more vision and different philosophy than Jamison Properties.
If we can get another company to buy Macy's Plaza and reinvent it, that could be ENOUGH leaseable square footage to make a difference in the retail landscape of DTLA and start to really form a shopping district on 7th Street.
It makes the most sense to "direct" our shopping area to be along 7th Street and environs because it's right smack in the middle of DTLA (like a bulls eye in a target). Shopping areas are always the most busy areas of any city center, so it would make a lot of planning sense to have most of the constant energy around the 7th/Metro subway station portals. Then as the shopping generates enough foot traffic, businesses will start to ripple out from there and it will eventually meld together with the two strong anchors of LA Live to the south and Music Center to the north.
But you have to have buildings with retail spaces first. We don't have a lot of retail spaces on 7th Street near 7+FIG to funnel energy from there.