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Rumblings & Bumblings Responses: Miracle Milage

Thanks for your answers this week. For next week, please email your question to us before Tuesday. We'll happily post it as long as its related to a topic covered by this blog. Email to

UPDATE. Fairfax: Miss Teresa, of comments fame, emails us with an update to the recent R&B question about the closing of the Laemmle Fairfax 3 Cinema. "Good news! On Friday, the Fairfax Cinema is set to reopen as a Regency Theater - all seats $3. I used to spend a lot of time at the old dollar theater, so I'm ecstatic." Thanks Miss T.

Now, back to this week's very important questions.

1) Fairfax: Town Tire (pictured above) may be closed, but it remains unclear what is happening at the site itself. We sniffed around and saw no recently filed Planning Cases on the site and Mr. Horvat, the proprietor of Town Tire Co., is still listed as the owner of the property, so there has been no sale. However, LoopNet has recently listed the structure for lease:

Rare opportunity to lease a freestanding building with excellent parking. The property consists of approxiamtely 5,455 sf of building on a lot size of approximately 12,894 sf lot. This architecturally dramatic and unique building is set back off the street with parking in front and currently used as "Tire Town". Sort term lease 3-5 years $20,000 per month NNN. Long term lease is $30,000 per month NNN In the short trem, it would appear that the building will continue to be used for auto repair. 2) Miracle Mile: The corner of Wilshire and Ridgeley? Ok, you'll have to excuse our ignorance since we don't frequent this neighborhood a lot. The development in question here is the one we referred to as the Miami Vice building, which we mistakenly claimed was replacing the Mullen & Bluett Building. It is actually replacing the Office Depot that was previously on the site. An emailer updates us with the specifics: "In July of 2004, the land was purchased for around $140 per square foot by SSR Holdings, a MetLife, Inc owned and San Francisco based real estate investor/advisor to major pension funds. In January 2005, SSR was swallowed up by BlackRock, Inc (NYSE: BLK) - current manager of over $1 trillion worth of assets.

Now, Legacy Partners is developing "Legacy at Miracle Mile" - a 5 story, 197-unit apartment complex with 27,000 SF of retail and 2 floors of subterranean parking." That clears that up.

3) Miracle Mile: The question regarding 8th and Hauser results in some sniping about the laziness of our readers, and an answer too. A reader emails in: "I have to say that your readers are pretty lazy - they ask the same questions every week when even some cursory research will provide some answers. You should checkout the LA section of the skyscraper forum blogs as well since they have discussed a lot of the projects that people ask about. Anyway, the large hole in the ground at 8th and Hauser with the new fence around it is owned by BRE ( an apartment REIT based in SF). They are building 284 units of rental units. Total cost $121 million. Public filings note a 2Q 2006 construction start so they are only a couple of months late."

Thanks for your questions this week. Please continue to be lazy and continue to send us your questions. We wouldn't have anything to do on Tuesdays and Thursdays if you didn't.