West Hollywood Gateway
Client: West Hollywood Redevelopment Agency
Keyser Marston provided financial advisory services to the agency relating to its investment in West Hollywood Gateway, a highly successful retail center anchored by a two-level stacked Target and Best Buy. This center is a prime example of big box retailers modifying their formats for inclusion in urban infill locations. Developed by J.H. Snyder with assistance from the redevelopment agency, West Hollywood Gateway has provided an economic stimulus to the neighborhood by revitalizing the blighted corner of Santa Monica and La Brea, one of the busiest intersections in Los Angeles and considered the “Gateway to West Hollywood”.
The 243,000 sq. ft. project opened in March 2004 and includes new retail amenities and services for residents, a movie theater, and a large outdoor plaza built around the historic Formosa Cafe with space for community gathering, public art, sidewalk cafes, fountains and walkways.
Keyser Marston was the real estate advisor to the agency, assisted in the evaluation of competitive proposals for the site, negotiating the transaction and estimating the tax revenues the agency could expect to receive from the project. Keyser Marston later advised on participation payments the agency would receive in the event of a sale.