Plans have changed for the old, dilapidated Reseda Theater. Its chances of being refurbished back to its glory days, once considered a done deal, are now slim and depend on the vision of some future developer. The Community Redevelopment Agency of the City of Los Angeles, which purchased the property back in 2004 for $1.3 million with plans of refurbishing the theater, now intends to issue Request for Proposals seeking qualified developers, firms, individuals, and/or joint ventures for development of site. The selected project proposal may or may not include a renovation of the Reseda Theater that was built in 1948 and the theater may be demolished as part of a new project, according to the CRA. Back in 2005 the CRA had partnered with CIM Group, owner and operator of venues such as the Kodak Theater and the Hollywood and Highland Shopping Center, to transform the long abandoned eyesore on Sherman Way into a multifunctional entertainment venue. The idea was to gut and reconfigure the interior of the building into an 11,000 square foot live performance special event and night club venue – which residents expected would have a catalytic effect on the neighborhood – attracting new businesses to the area. Construction on the theater was scheduled to begin July 5, 2008 however financial troubles triggered by the downturn brought the project to a stop even after CIM had already invested over half a million dollars in demolition costs and some work was done to the inside of the theater. After many delays and the inability of CIM to secure an entertainment operator and restaurant tenant, the CRA/LA issued a letter to the developer dated Nov. 18, 2009 terminating their agreement. The CRA is now in the process of re-evaluating potential uses for the Reseda Theater. The theater was a popular movie house in the ‘50s and ‘60s where residents lined up to watch blockbusters like “Bambi” and “Mr. Magoo” for 49 cents a ticket. It had been vacant and deteriorating for more than 20 years before it was purchased by the CRA, which also acquired the property on Canby Avenue directly behind the theater, to be converted into a parking lot. From Brokers to Entrepreneurs The down economy has presented opportunities in real estate that are simply too good to pass up. When an architectural landmark in Woodland Hills came on the market for the first time since 1969 earlier this year, a team of young brokers jumped at the opportunity – not to represent the seller or a potential buyer – but to purchase the building themselves. Geroge Stavaris, Colette Ramirez and Darren Cline of Grubb & Ellis as well as a fourth silent partner, teamed up in the all cash deal that went down for $2 million in January. “It was the location for one, the architecture of the building for the other and the scarcity of that type of product,” said Stavaris. “We knew we had to have it.” The idea was to convert the four-level, free-standing building on Ventura Boulevard into a boutique clothing retailer, perhaps a concept like a Fred Segal store, or maybe a restaurant or night club, they thought. But the team finally found the right fit for the building in Emma Ridley’s unique fitness studio focused around pole dancing called Goddess Fitness Dance. In less than three years since she launched her first studio in Santa Clarita, Ridley has carved out a successful niche among affluent women looking for a fun and different way to lose weight. At the new location in Woodland Hills, the studio will also feature a clothing boutique, and massage and aroma therapy, Ridley said, elements that will make the studio an exclusive getaway for women looking to get a respite from the daily grind. For the Grubb & Ellis broker team, Goddess Fitness is not only a tenant but the team’s first business venture, as they partnered with Ridley to become part owners. The new studio, located at 19855 Ventura Blvd., will have an open house July 25 and will open for business soon after. “I think what intrigued us was the business concept, the type of services she offers. She has a proven track record in Santa Clarita and we think there’s a niche for it here in the San Fernando Valley,” said Ramirez. “We expect it’s going to flourish and hopefully we’ll grow our business multiple times over.” The goal is to grow to 10 locations within 10 years, said Stavaris. The building with a retro-modern look, exposed windows and walls painted a Pepto-Bismol pink, was once listed at the top of a 1980’s list of ugliest Valley buildings, according to Stavaris who thinks this adds to the building’s charm and character. The previous owner was a high-end patio furniture store called Woodland Casual that closed down as a result of the economic downturn. “Where everyone is running out, that’s our opportunity to run in, we see it that way,” Stavaris said. High-Rise Kennedy Wilson, an international real estate investment and services firm, announced the acquisition of NoHo 14, a 180-unit apartment project in North Hollywood. Guardian Life Insurance Company and RECP/Urban Partners participated as partners in the investment, which was purchased as an REO asset from Bank of America. Los Angeles Commercial Real Estate Group, a boutique commercial real estate brokerage, provided real estate consulting service to Bank of America Commercial REO Department on the sale of the REO asset. NoHo 14 is the only high-rise tower in North Hollywood, and among the only transportation centric projects in San Fernando Valley, located along a rail, bus and car transportation corridor, providing convenient access to the North Hollywood subway station and the Orange Line high-speed busway. Big Space Mike Tharp and Fred Ferro of NAI Capital’s Ventura County office represented Dynacorn International, Inc. in the lease of a 98,952 square foot industrial building located at 4030 Via Pescador in Camarillo. The 7-year lease is valued at over $3.8 million. The lessor, Camarillo Investment, LLC was represented by Grant Harris, Robert Shafer and Grant Fulkerson of Lee & Associates. Dynacorn is an Oxnard-based wholesaler of muscle and classic car vehicle parts and supplies. Staff Reporter Andrea Alegria can be reached at (818) 316-3124 or at [email protected].
Hopes For Refurbishing Reseda Theater are Dimming
