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PriceChopper in Los Feliz: $15 Million For Derby Development

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The December issue of the Los Feliz Ledger--the issue is not online yet--has a story about the on-the market Derby Nightclub and Louise's Trattoria at 4500 Los Feliz Blvd. being reduced from $20 million to $15 million. Listing is here. Owners Adler Realty Investments had wanted to build a five-story mixed-use complex on the site; back story on the huge fight for Derby's Historical Status is here and here.

Property Description:
We are pleased to announce the availability for sale of 4500 Los Feliz Boulevard at Hillhurst Avenue, Los Angeles, California which is part of the prestigious Los Feliz Community. It is approximately 53,000 square feet (1.23 acres) comprised of five parcels. Rarely does an opportunity for mixed-use redevelopment open up in one of America' s wealthiest zip codes (90027). Currently, the Property is occupied by Louise' s Trattoria, Quality Parking Service and The Derby nightclub in which its building was seen in the movie Swingers in 1996 and is the last remaining location of the historic Brown Derby Restaurant.

Location Description:
The site boasts block-to-block commercial frontage on Hillhurst Avenue which is Los Feliz' s premiere walk street for shopping and dining. Los Feliz has historically been home to movie stars, musicians, and the Hollywood elite and is home to some of the most interesting residential architecture in the city with homes designed by Frank Lloyd Wright. Most of the mansions and private estates (dating back to the 1920s) are located among the hills overlooking Griffith Park which just re-opened after its extensive $93 million renovation of the Observatory and planetarium.