The game has changed !
The recent purchase of five properties on Abbot Kinney including 1103, 1118 & 1126, 1201, and 1205 by Blatteis & Schnur, a major developer and investment firm, is significant. They are professional developers with particular expertise in catering to high-end tenants. Their history (according to their website) includes leasing to major tenants such as Barney’s and Cheesecake Factory.
With the entry of these buyers, we are seeing more national and international development attention coming to our town. Historically, Venice property has passed between buyers and sellers more intimately familiar with our community. Blatteis & Schnur are investors who appear to have a made a strategic purchase.
Let’s hope that these “big boys” take time to understand our community and choose to nestle in and take their place on the Street as if they have been here for years. They now own 4 iconic brick buildings. We invite them to walk the street and check out the new Tom’s and FEED body & soul. As we mentioned recently, these two new remodels really fit beautifully on the Street and look like they have been here for years.
We encourage Blatteis & Schnur to protect our unique aesthetic with thoughtful remodeling of these iconic facades as a way of preserving value for everyone. We have already experienced the double-lot remodel at 1308 AKB in the style of a more typical commercial shopping arcade that could easily be on Rodeo or in the Promenade. Unfortunately, this remodel has gotten many negative comments from friends and neighbors of the Street.
We look forward to saluting Blatteis & Schnur for thoughtful and beautiful remodels in future editions of ImagineVenice!