Ever driven by that gaping wide expanse of dirt and grass near the confluence of Venice, Pico, and San Vicente Blvds. and wondered – “Who owns this land and what is going to be here?!” Apparently Lowe’s home improvement retailer earmarked $18.5 million in 2006 for an outlet on the site, dubbed ‘Midtown Plaza.’ According to the company’s press website, the project was expected to be completed in winter 2008!
Adjacent to the site, on a triangular lot fronting against Pico Blvd. and San Vicente Blvd. is a small retail mini-mall with a crowded bus terminal and no visible parking. The tenants include Wells Fargo and Panda Express. The Flatiron shape of the intersection and the prominent placement of a billboard for Spa Luce (?), give the building a Times Square-wannabe feeling. Adding to this aspiration is the rendering on Mayor Villaraigosa’s website, which also touts an initial $114 million investment and development by CIM Group.
According to most sources, the project was supposed to be completed all together, with two big box retailers stacked on one another and smaller retail at the front, reminiscent of the West Hollywood Gateway at Santa Monica Blvd. and La Brea Ave. Maybe the project lost funding after the first phase or maybe the large tenants dropped out of the running. Don’t think Lowe’s is slowing down its expansion though – in 2009 alone it has announced 19 new store openings. (Don’t they know that consumers can’t improve homes they don’t own anymore?)
Either way, the only action this lot has been getting is a periodic spray-down by a water truck…airborne dust never looks good to prospective buyers.
Adjacent to the site, on a triangular lot fronting against Pico Blvd. and San Vicente Blvd. is a small retail mini-mall with a crowded bus terminal and no visible parking. The tenants include Wells Fargo and Panda Express. The Flatiron shape of the intersection and the prominent placement of a billboard for Spa Luce (?), give the building a Times Square-wannabe feeling. Adding to this aspiration is the rendering on Mayor Villaraigosa’s website, which also touts an initial $114 million investment and development by CIM Group.
According to most sources, the project was supposed to be completed all together, with two big box retailers stacked on one another and smaller retail at the front, reminiscent of the West Hollywood Gateway at Santa Monica Blvd. and La Brea Ave. Maybe the project lost funding after the first phase or maybe the large tenants dropped out of the running. Don’t think Lowe’s is slowing down its expansion though – in 2009 alone it has announced 19 new store openings. (Don’t they know that consumers can’t improve homes they don’t own anymore?)
Either way, the only action this lot has been getting is a periodic spray-down by a water truck…airborne dust never looks good to prospective buyers.
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