At Adaptive, we’re 100% focused on multifamily.
But that doesn’t stop us from observing what’s going on with other asset classes in our little submarkets.
And, recently, I’ve become convinced that there is are opportunities for smaller, food and beverage-driven retail along both Temple and Beverly, south of the 101 in Historic Filipinotown.
Driven by the wave of new construction and the rehab / repositioning of older homes and apartment buildings, the population of relatively affluent residents in that area is increasing rapidly.
Currently, there are few bars / restaurants / performance venues that serve this new population – 1642, Crawfords, Tribal Cafe, Bootleg.
But I believe the neighborhood would support more, including both additional bars and more casual restaurants.
The downside to Temple and Beverly is that automobile-centered development overt the years has left both streets scarred by parking lots, making them less walkable than, say, Sunset in Sunset Junction or Echo Park.
But therein lies opportunity: There are plenty of larger, vacant commercial spaces that come with parking / room for outdoor space.
My guess is that there would be little community push-back, particularly if the proposed business(es) target a reasonable price point (think Red Lion, not Ostrich Farm).
We’re not the people to do this kind of thing, but the opportunities are DEFINITELY there.