Editor, Jason Schaff There’s activity out there. Certain articles in this issue of our newspaper indicate that this year may be a year of change locally. It’s not all change for the better, but a lot of it is. There are some new things cropping up. A boutique hotel is about to open in Studio City. It’s the third boutique hotel to open in the Valley over a period of several years, signs that the Valley hospitality industry is maturing. This new hotel comes after the sale of the Sheraton Universal to a Chinese company that promises to make changes to that hotel and lure many visitors from China to Universal Studios and the area. Now we just have to have a full-time Valley tourism organization to capitalize on this and market the heck out of the area as a great place to visit. Take a look at Ventura Boulevard in Studio City, where this new hotel is located, and you’ll see a pretty good trendy night-life district that’s just a stone’s throw from Hollywood. The East Valley area has developed into an entertainment hot spot to a certain extent but probably hasn’t reached its potential. There’s lots to do in the Valley. People just need to know about it. Speaking of marketing efforts, it’s good to see that the new president and CEO of the Valley Economic Alliance, Ron Wood, is going to make some changes at the organization and spend more time and money on marketing both the group and the area. I’ve been saying for a long time that the Alliance really has needed to do that. Wood just needs to be convinced that the Alliance should focus mainly on marketing and forget the other stuff. Other activity: The Valley Economic Development Center is going statewide after a $5 million grant from J.P. Morgan Chase to make loans to businesses badly in need of some help these days. By partnering with organizations like VEDC, big banks like Chase can lend to small businesses that they would not traditionally lend to, and have an impact outside of their typical markets. That’s a good thing. The lending spigot still has not been turned on far enough for many businesses and the more creative lending relationships or programs that can develop the better for the economy. Financial news In other news on the financial scene, we’ve got a relatively new bank to our region boosting its presence here. First Citizens Bank has targeted the area because it has a high concentration of small businesses and that is their market. More good news for the small businessperson. There are many businesses small and large in the area that are doing well and expanding. For example, one story in this issue talks about Replacement Parts Industries Inc. which is expanding in Chatsworth. The after-market parts supplier for the health care industry was bursting at the seams and needed to expand. If room hadn’t become available at their building on Corisco Street, the company would have been forced to move. Instead, the company renegotiated his lease with the landlord and took over the entire building. A good problem to have. Let’s go back to the East Valley and find more activity. In the NoHo Arts District, there’s a senior artists housing project planned. The new NoHo Senior Artists Colony will consist of 126 units and will include 15,000 square feet of studio gallery and classroom space for seniors, as well as a 76-seat performance theater which will house a resident production company. This is great because it finally brings the area back to its original intention – an arts district that would promote artists and their industry. Age issue I hope this senior citizens project succeeds and I am curious to find out how the dynamics work out in the area. I lived in the NoHo Arts District for three years until moving to Woodland Hills last year. Frankly I felt too old for the apartment building I lived in and for the area. It was full of young, beautiful actor types living on trust funds. I saw their parents move them in. The rent was too expensive for a 22-year-old kid to afford on their own. These kids were not stars. I got tired of going to work every morning and seeing the young, hard bodies sitting by the pool doing nothing. Casting calls, I guess, were later in the day. I’m not an old actor (although I am real close to qualifying to meet the 55 age limit for the NoHo Senior Artists Colony) so maybe I was just a fish out of water in the area. But honestly I never saw respect for anybody over 25 the whole time I lived there except for the Spumante Restaurant right in the heart of the district. And people didn’t seem like they were going to put down roots in the area. There is an existing senior citizen housing project (not an arts project) in the area but frankly it seems to be isolated from the rest of the neighborhood. Hopefully, everything will work out there. However you look at it, there’s still movement in the area. And that is good. Business Journal Editor Jason Schaff can be reached at (818) 316-3125 or at [email protected].