The Bloc opened less than a year ago in Downtown LA, and since then, it has become the first shopping complex in LA with its own subway access tunnel. But the Real Deal reports that the much-hyped open air redevelopment of formerly fortress-like Macy’s Plaza is experiencing setbacks.
The Real Deal notes that deals never materialized with businesses such as the exclusive Wingtip club and Killer Shrimp restaurant, which were said to be moving in. Sexy retailers including Apple and Sephora have passed on leasing agreements. And, continued construction delays have stalled the arrival of other tenants, including a first Los Angeles location for popular dine-in movie theater chain Alamo Drafthouse.
As a result, the complex is more than half vacant.
With major Downtown LA housing developments continuing to pop up in South Park and other neighboring areas, it’s probably only a matter of time before demand for commercial real estate in the area is back on the rise, but the Bloc’s struggles have reportedly put Downtown real estate professionals on their guard.
Head over to The Real Deal for the whole story.
- Trouble on the Bloc [The Real Deal]
- Check Out the New Airy, Open Look of Downtown's 'The Bloc' [Curbed LA]
- New pedestrian tunnel at The Bloc in Downtown LA will open next month [Curbed LA]
- Inside Downtown's Macy's Fortress as the Roof is Ripped Off [Curbed LA]