Tuesday, November 18, 2008

Discussing Mixed Use Developments Like The Glen

Here is the first of a series of videos of a very educated man discussing the value of mixed use in California, just like The Glen At Valley Glen. He first defines what mixed use is, then gives a short history of mixed use and the population of California in particular. He begins to touch on the evolution that Los Angeles is going through before the video stops, and on to number 2.

The second part of the series addresses traffic congestion, increased population density as a solution, and how mixed use helps accomplish this goal. Using San Francisco as an example, he illustrates that the limited area of the geography forced them into mixed use much earlier than Los Angeles. He also touches on how the urban sprawl of the Los Angeles Real Estate market lacks a sense of community. Part of the reason is lack of mixed use.

Pasadena is a great example of a city that does already incorporate mixed use. Developers swarm an area once mixed use begins being used, making property values soar. This is the expected effect that The Glen At Valley Glen will have on the area, by opening the flood gates for more similar developments. So buying in the adjacent area now is a speculative but wise move in seeking fast value appreciation without even developing the property. Addressing the parking issues come to the forefront of creating mixed use developments. Public parking using underground, above ground, easing the parking restrictions, mass transit, and hydraulic lifts are the solution to parking congestion.


The local market determines what type of residential offerings are made in mixed use. The short history of local mixed use has tended towards high end condominiums and apartments. When governments offer incentives to make "affordable" housing, it tends to create housing for the middle class. The Los Angeles population is slated to grow by HUGE numbers just in the next 6 years. This means that Los Angeles Real Estate in general will continue to see increased demand and values. New development projects are already planned and in process across Los Angeles. The Glen At Valley Glen is the first mixed use in this area, and I know of at least one more planned to follow this development.


Even without government incentives, mixed use is inevitable. But government restrictions do hinder how fast it will come. By requiring developers to control large contiguous lots, governments are effectively halting mixed use development until the economics allow developers to pay for and organize multiple adjacent property purchases. Zoning and allowable density are the major concerns of mixed use developers.


Go to the city zoning office, find out the zoning for a parcel, then find out the allowable density. Finding out the number and size of units that can be built are the keys to evaluating a mixed use project. Then evaluating the net rental value of the sum of those units is the second piece of the puzzle. Construction and acquisitions costs are the third step. Retail rental rates can carry a development on their own sometimes, and is definitely the focus of the developers of The Glen At Valley Glen.


More and higher taxes for the local governments are a very attractive incentive. The high population density also allows for more operating hours for local businesses. Think of New York. You can get a piece of pizza at any time of the day or night. This is really a series spelling out the basics of mixed use from multiple points of view, mostly the developers, brokers, and governments are addressed and the tangible benefits of mixed use for the residential owner/renter are not truly addressed.
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Friday, November 14, 2008

The Facts About The Glen At Valley Glen

Here is a short list of the attributes of the new construction going on at The Glen:

1) one hundred condos, square footage and amenities unknown

2) 47,000 square feet of retail space, with rumors of coffee shops, restaurants, dry cleaners, a gym, sandwiches, clothing stores, and more.

3) 13,500 square feet of office space

4) 10,000 square feet of medical office space for offices such as chiropractors, general practitioners, dermatologists, etc.

5) Over four acres of open air walkable space

I had the opportunity to hear about this project from the owner of Dasher Lawless, the developer, in its formative stages and many particulars are still being worked out. As more info becomes available, you will find it here. For help in finding high end/modern homes that are immediately available, contact me anytime by phone at (818) 726-5982 or by email at Realtor.MG@gmail.com
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New Construction At The Glen In Valley Glen

At 13013 Victory, The Glen At Valley Glen is proposed to be an epicenter of commerce and community.

As the new construction condos go on sale (rumored to be finished in Summer of 2009, but suspected to be delayed), a new market will be created and ratified for mixed use construction in The Valley.

Urbanites will delight in the centrally located, upscale surroundings. The convenience of living above a myriad of service businesses, from Subway (the sandwich shop, not the public transportation) to a dry cleaners is a novelty unknown in our neck of the woods. Euro-style people watching will be available. I know, the Europeans do not have everything right, but people watching is one thing that they do. My only hope is that you can drink a Belgian beer on an outdoor patio...

So gear up for peripheral investment, speculators. Buy up local adjacent commercial and residential properties for a resale, renovation, and redevelopment. Once the new construction at The Glen is sold, there will still be an appetite for it in the marketplace. Do any locals have properties to sell? Feel free to plug them in the comments section!
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Breaking Ground, Rezoning For The Glen At Valley Glen


The Glen At Valley Glen started as old, blighted apartment buildings in Valley Glen along Victory Blvd. The former apartment buildings were home to criminals and drug dealers. The developer saw opportunity in the purchase and redevelopment of this large multi unit area.

At the rezoning hearing, opposition had softened from people who were nay saying. Now they were simply putting conditions on how the project would be carried out and what features would be allowed at The Glen. This would be a project that would be nothing but good for this area that was already being reinvented over in the NoHo arts district.

The mastermind of the complex was familiar with the area, and saw where it was going. He personally oversaw the rebuilding of multiple homes into first rate luxury mansions just a few blocks away from this building site.

While more and more people move into Los Angeles, Real Estate becomes a more valuable commodity. High density housing, atop mixed use retail and office is the clear solution to urban sprawl and high priced single family residences. Downtown Los Angeles is repurposing old buildings.

But at The Glen At Valley Glen, they have the ability to start new. So the construction is new, underground parking is required to be provided by the zoning department, and overcrowded street parking is a non issue.


Some nearby older condo owners are upset about the amount of traffic it will cause. What they do not see is that they will not need to drive nearly as much, because so many new businesses will be moving in. And, all of the future owners of the new condos at The Glen will need to drive much less also. Plus, the comparable sales for the new condos will help bring up the price and desirability of their own older units. If anyone wants to sell their nearby single family homes or condos because of this development, I would be happy to help!
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