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His $35 million renovation of Museum Square and $300 million development of the I million sq. ft. Wilshire Courtyard has revitalized the historic Miracle Mile museum district. In Santa Monica, the company has developed the Water Garden Phase I office complex and is now in the process of building the Water Garden Phase 11, a 600,000 sq. ft. office complex adjacent to the initial phase. Soon to be started is Howard Hughes Entertainment Center, a major entertainment retail development along the 405 Freeway in the Westchester area. The company is in the planning stages of building an entertainment retail develop- in West Hollywood. The Snyder Company is doing several projects in West LA and in West Hollywood at the corner of La Brea and Santa Monica Blvd., a 270,000 sq. ft. mixed use project. Another project is in Beverly Hills on Crescent Drive property behind Spago which used to be The Bistro Gardens - that whole parking block will be a 34,000 sq. ft. Gelson's and 120,000 sq. ft. of office buildings.
John Kilroy Sr. chats with Steve Hammer. These are great times and the rents of 12 or 14 years ago are finally reaching today's market. That's how long it's been since near replacement cost and a decent return.
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Snyder has been working for two and one-half years on the Promenade at Howard Hughes Center, and it is now 80% leased. It is going to be a real complement for Victor's (Arden) office buildings.
Jerry Snyder describes plans for Water Garden II Moving on to the Water Garden - in the late 80s Snyder obtained zoning on 1,300,000 sq. ft. in the city of Santa Monica, then ran into the worst of times in Phase I. With Colony Advisors, as partners now, Phase II will be built. A $115 million loan on this totally spec project was placed one week before the meltdown in August. This is not necessarily a pre-leasing project but with almost a year away from delivering space, many hundreds of thousands of feet of deals and letters of intent are in place. Finishing the lake and the environment is a dream come true for the company.
Bob Taylor, Carole Linn and Bob Mosier, Directors from LAHq Board, schmooze before the event. |
Questions followed these presentations on the challenges of putting the projects together, assembling the sites, having vision, and dealing with the competition and the marketplace. All three speakers were very complimentary of each other's projects, and everyone enjoyed the unique experience of seeing these three speakers sharing the podium.
President John Stern, who conceived and produced the program, gave each speaker a Los Angeles Headquarters paperweight and a gracious thank you for their excellent presentations. SAVE THESE DATES LUNCHEON MEETINGS Thursday, Sept. 23, 1999 Tuesday, Oct. 19, 1999 Tuesday, Nov. 16, 1999 Wednesday, Dec. 15, 1999 Programs on real estate development and the new high tech office and market place are being planned. |
BUSINESS AS USUAL The Government Relations Committee met with speaker Andrew Adelman, General Manager of the City of Los Angeles Department of Safety. There are various changes in the department and proposed adaptive reuse issues aimed at redeveloping older buildings. A pamphlet was distributed entitled "An Overview of the Department of Building and Safety and a Summary of Recent Improvements in the Department" The booklet has among other chapters, instructions on permit -services, plan check, and construction information. For questions call Ed Casey at 213/623-2322 or Sandy Paris at 818/905-0703. VISIT OUR WEBSITE www.laheadquarters.comm Learn about upcoming events, get membership info, see our newsletter on line. Los Angeles Headquarters Association is an organization of businesses committed to Los Angeles achieving its optimum potential as a major world city by fostering responsible economic growth and improving its quality of life.
P.O. Box 86325
Los Angeles, CA 90086
Executive Director Sue Reeves
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