The southern part of California, including Los Angeles, features some of the most-coveted real estate in the nation. Areas near the ocean are seeing significant activity bursts among real estate developers interested in creating properties and offering commercial leases. Among the challenges they face is the demand for a limited amount of space.
In the city of Marina Del Rey, the developer AMLI is currently finishing the construction of more than 580 residential units as part of a development valued at $165 million. This development, which resembles a boathouse, features a retail component as well. Another in-demand area near Los Angeles is Huntington Beach, where a luxury unit development recently started taking tenants this year. These units are part of a hospitality and retail project that spans more than 30 acres.
Many of those buying into these areas are wealthy baby boomers who are interested in second homes and retirement homes. In addition, the areas around Venice and Santa Monica are attracting young professionals who are interested in participating in the booming startup environment. Because of the lack of space available in Southern California, many developers have resorted to creating mixed-use development proposals that mix residential units with entertainment and retail options.
Getting into the prime business spots in Southern California is possible through commercial leases. However, failure to understand how leases work may result in a business owner getting the raw end of the deal, so to speak. An attorney in California can help business owners to review potential leases and negotiate them in a manner that protects their best interests in the long run.
Source: latimes.com, “New real estate developments abound up and down the coast, but challenges persist“, Tiffany Hsu, June 10, 2017