The commercial space at the new Moxy/AC Hotel combo tower next to (sigh) Crypto.com Arena and the Los Angeles Convention Center continues to fill out.
This week, Kennedy Wilson Brokerage announced that Los Angeles-based 33 Taps will take 7,921 square feet of space on the ground-floor of the 37-story, 727-room hotel tower at 1240 S. Figueroa Street. Kennedy Wilson’s ELee Shapiro and Justin Weiss represented Lightstone Group in the transaction.
“We couldn’t be more excited to introduce downtown residents and visitors to 33 Taps,” said Weiss in a news release. “People might assume that Crypto.com Arena and the L.A. Convention Center are surrounded by sports bars, but it’s really not the case. Lightstone’s incredible project will now have an experienced ground floor operator with a strong local following to serve event attendees, hotel guests and the entire South Park neighborhood.”
The downtown location will be the third for 33 Taps, which joins the multi-venue Level 8 bar and restaurant that has already set up shop at the hotel.
Here's what we're reading this week:
Slow Down, SoCal: Speed Cameras Are Coming to LA, Long Beach, Glendale "These cameras will be limited to streets in school zones, highway segments most prone to injuries, and areas identified by local authorities as having high volumes of speeders and street racing....The tickets will be priced on a sliding scale depending on how fast drivers are speeding. The cameras will start ticketing drivers going 11 mph over the speed limit, which will cost speeders a $50 ticket. The penalties will go up to $500 for driving 100 mph or faster." (LAist)
Too Many Disappointments in L.A. City Bikeway Mileage During Fiscal Year 2022-23 "Too much of the city's FY23 bikeway work had big issues: truncated mileage, downgraded facilities, long delayed timelines, false claims, etc. " (Streetsblog LA)
Interior of the Egyptian Theatre in 1922Wikimedia Commons
Egyptian Theatre announces its reopening date and first wave of programming "The long-awaited grand reopening comes three years after Netflix purchased the Egyptian from the Los Angeles film nonprofit American Cinematheque, which had owned it since 1996. Over decades, the once-opulent theater had gone through a number of ownership changes and suffered from neglect and damage from the 1994 Northridge earthquake. In 1993, the theater was declared a city landmark by the Los Angeles Cultural Heritage Commission, sparing it from the possibility of demolition." (LA Times)
El Monte Refines Complete Streets Designs to Address Shopkeeper Concerns "Business owners differ on how to improve Main Street. The project team is searching for a middle ground." (Streetsblog LA)
New TAP mobile app upgrades—available now! "If you’re still paying with cash, switch to TAP to start earning free rides on Metro. Download the TAP LA app and add a free virtual TAP card to use your phone to tap and pay." (The Source)
New 24-hour bus-only lane along Venice BoulevardMetro
Editorial: Finally, a bus-lane building boom in Los Angeles "Since 2019, Metro and the city’s Department of Transportation have rolled out nine new segments for a total of 40 miles of bus lanes on some of the most congested streets with high bus ridership, such as La Brea Avenue, Venice Boulevard and Alvarado Street. The goal is to have 100 miles in place before the 2028 Olympics. Most are peak-hour, bus-only lanes, meaning they are open to other vehicles or parking outside of morning and afternoon rush hours." (LA Times)
More people are taking Metro. Ridership in September rose 10% compared to last year, agency says "Metro reported more than 24.5 billion boardings in September 2023, signifying the 10th consecutive month of year-over-year ridership growth. According to the agency, monthly bus and rail ridership is at nearly 80% of its 2019 pre-pandemic levels." (Long Beach Post)
View of Gas Company Tower looking northwest from Pershing SquareShutterstock
Bondholders Reject Big Office Lease at Gas Co. Tower in Los Angeles "In another blow to Los Angeles’ office market, the CMBS bondholders for debt tied to the 54-story tower have rejected the city’s terms on a nearly 300,000-square-foot lease for its Housing Department to take 13 floors at the building, according to Newmark (NMRK)’s third-quarter office report. By itself, the lease would have meant a more than 11 percent increase on quarterly office leasing activity for all of Los Angeles, which tallied 2.6 million square feet, per Nermark." (Commercial Observer)
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