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DTLA's South Park by Windsor Retail Space Reaches 100-Percent Occupancy
Kennedy Wilson locks in top national retailers with 10-year leases
Kennedy Wilson's Lee Shapiro, executive vice president of brokerage, and Justin Weiss, vice president of brokerage, were the exclusive leasing agents for the project. The team negotiated 10-year leases with national retailers Chipotle and Loit (men's and women's fashion and café) which have already opened and Aveda Lifestyle Salon and Spa – currently scheduled to open in fall 2017 – all of which account for the more than 12,500 square feet of commercial space at South Park by Windsor. The ground-floor retail serves as the base for 284 luxury apartments located at 301 W. Olympic Blvd.
"South Park by Windsor was among the first in a wave of new construction of mid-rise, mixed-use projects that were planned when the economy turned five years ago," said Shapiro, who along with Weiss has more than three decades of combined sales and leasing experience in the area. "The immediate submarket has the highest density of residential population in Downtown Los Angeles, as more than 7,000 of Downtown's available 10,000 apartments are located in the South Park area. With that in mind, our goal with the retail portion of this project is to connect residents of South Park with restaurant and retail brands that fit their lifestyles. Our early success speaks to both the project and the overall revitalization of Downtown Los Angeles."
Originally developed by The Hanover Company, a national developer of multifamily residential properties, as one of three new mixed use developments in the submarket, the ground-floor spaces of each building target lifestyle retailers including chef-driven restaurants, urban retail tenants and boutique fitness tenants, which will draw conventioneers to travel east and millennial residents from South Broadway to travel west.
"Downtown Los Angeles is going through a dramatic transition. It is becoming a hub for retailers who want a piece of Downtown's edgy vibe," said Weiss. "As more housing units become available, the demand for a neighborhood retail mix that meets both basic needs and includes exciting dining and shopping options is growing. We take the residents' lifestyles and needs carefully into account when curating the optimum tenant mix for our clients' specific projects."
Situated in the heart of South Park and adjacent to the Fashion Institute of Design and Merchandising (FIDM), the mixed-use developments are surrounded by other national retailers including, Shake Shack and Soul Cycle who are supporting the growth of the immediate submarket. South Park by Windsor is located in close proximity to Oceanwide Plaza, a mixed-use mega-project whose retail portion is also exclusively represented by Kennedy Wilson.
"Lee and Justin know the Downtown LA market well and have a passion for placing the right tenants in the right spaces," said Philip Carmody, vice president representing South Park by Windsor. "We felt that they truly grasped what we are trying to do and connected us with tenants that complement the resident profile and urban vibe. We are looking forward to creating a vibrant retail destination that not only attracts visitors, but becomes the dynamic center of activity for local residents."
For more information on the commercial leasing of South Park by Windsor's neighboring developments, Hanover Olympic and 1000 Grand by Windsor, visit www.kennedywilson.com.
About Kennedy Wilson Brokerage:
Kennedy Wilson is a global real estate investment company that offers brokerage as a part of a comprehensive array of real estate services. Specializing in the leasing and sale of commercial and multifamily properties, the brokerage team represents tenants and landlords on every aspect of site selection, negotiation and occupancy. Headquartered in Beverly Hills, brokerage services are also offered at Kennedy Wilson offices in Austin, Chicago, Las Vegas, San Francisco and Sacramento. For further information, please visit http://www.kennedywilson.com/
Nina Lopez, The Hoyt Organization