Business

Beach cities’ real estate still hot

CITYWIDE — Los Angeles-area investors might still be leery about the future of California’s economy, but when it comes to Santa Monica real estate, they are bullish, according to a poll released by Morgan Stanley. Image-based advertising firm GumGum, Inc. recently signed a five-year office lease valued at $1.35 million with real... Read more →

Business

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Council delays Hines development vote

CITY HALL — City Council ran out of time to make a decision about the controversial Hines housing and office development at Tuesday night’s meeting. More than 125 people requested to speak and public comment lasted more than three hours, running into early Wednesday morning. A rendering of a courtyard planned for Hines' Bergamot... Read more →

Business

Attorney general approves Saint John’s sale

Saint John's Health Center (File photo) MID-CITY — Saint John’s Medical Center passed its physical. California Deputy Attorney General Wendi A. Horwitz signed off on the proposed sale of the hospital from one Catholic nonprofit to another if the buyer fulfills a series of conditions. Current owners, Sisters of Charity of... Read more →

Business

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City Hall says all but 1 development in compliance

CITYWIDE — Only one of the 14 completed developments reviewed by city officials is not honoring its contract with City Hall. Agensys, which works to develop new cancer therapies, has too many commuters driving to its 1800 Stewart St. campus, according to a recent report from City Hall. The project was finished a year ago with a... Read more →

Business

SMRR board says can the Hines project

EVEN WORSE? Traffic stacks up on Tuesday afternoon at the corner of 26th Street and Olympic Boulevard. (Daniel Archuleta daniela@smdp.com) BERGAMOT AREA — Santa Monica’s most influential political party is asking City Council to reject a major development next week. The Santa Monicans for Renters’ Rights (SMRR) steering... Read more →

Business

Brief: Post office building sold for $25M

File photo The United States Postal Service made $25 million off the sale of the old Fifth Street post office building last month, USPS officials said. There’s no word what the new owners, SkyDance Productions, want to do with the 1937 building. The producers of films like “True Grit” and “World War Z” expressed a desire to... Read more →

Business

Production company buys old post office

File photo DOWNTOWN — The producer of “True Grit” and “World War Z” now owns the old post office building. SkyDance Productions purchased the building in late December, United States Postal Service (USPS) officials said Tuesday. They could not immediately confirm the price of the sale. USPS shuttered the New Deal-era... Read more →

Business

ArcLight Cinemas inks deal with Santa Monica Place

FUTURE LOOK? ArcLight currently operates theaters around the Los Angeles area. (Photo courtesy ArcLight) DOWNTOWN — ArcLight Cinemas announced Tuesday it has an agreement in place with the owners of Santa Monica Place to build a 14-screen movie theater on the mall’s third floor, bringing a desperately needed new theater to... Read more →