|By PR Newswire||
|January 8, 2013 01:52 PM EST||
WEST HOLLYWOOD, Calif., Jan. 8, 2013 /PRNewswire/ -- Investment firm, Faring Capital, has broken ground on a 27,000 square-foot retail and commercial development at 8711 Melrose Avenue and San Vicente Boulevard in West Hollywood. "We are excited to begin the development of this property, a prominent addition to the local community," says Managing Partner Jason Illoulian. The building is scheduled for completion in spring 2013.
The project was unanimously approved by the West Hollywood Planning Commission and City Council and is a unique landmark development with community support. The site serves as a gateway bridging the city's civic corridor with the Avenues of Art and Design (Beverly Boulevard, Robertson Boulevard and Melrose Avenue).
"This innovative project is completely column-free with soaring ceilings and is the first on the street with a subterranean parking garage." The RNL designed project features a green rooftop terrace and 80 underground parking spaces.
The project will be a premier property in the Avenues of Art and Design aiming to provide consumers with unparalleled experiences in fashion, interior design, furniture, the decorative arts, food and entertainment. While most buildings along Melrose are single-tenant showrooms, "We specifically designed this project to offer smaller spaces and attract a diverse tenant mix," says Illoulian. Likely tenants of 8711 Melrose will include interior design and retail showrooms similar to its neighbors such as Balenciaga, Cecconi's, Rag & Bone, Maxfield, and John Varvatos.
Illoulian is an active member of the community serving as board member of the Avenues of Art and Design. "I feel it is crucial to understanding the development of an area by taking part in its operations from a civic level." The developer previously served as a board member of the West Hollywood Project Advisory Committee and the West Hollywood Library Fund from 2009-2012.
Illoulian's projects (8900 Beverly Boulevard, 146 North Clark Drive, 8711 Melrose Avenue, 8933 Beverly Boulevard) seek to enhance the future of West Hollywood by bringing unique tenants to spectacular buildings with plenty of parking. "It is important to have the diverse growth of the community be synonymous with increased consumer resources such as convenient parking." The buildings will continue to attract the world's best luxury brands.
About Faring Capital:
Since 2009, the firm has developed three large-scale commercial and residential properties in West Hollywood, built a nation-wide tutoring company with 100 employees and 4,000 tutors, and invested in a patent portfolio containing social media and search intellectual properties.
About RNL, Design Architect:
RNL is a global, full-service design firm specializing in sustainable, integrated design. Founded in 1956, RNL offers a continuum of design services, including architecture, interior design, landscape architecture, urban design and planning. RNL has offices in Denver, Phoenix, Los Angeles, Washington DC, Abu Dhabi, United Arab Emirates and Singapore. In September of 2012, RNL was ranked #5 for sustainability and #20 overall on Architect magazine's The Architect 50, an annual ranking of American architecture firms. For more information, please visit www.rnldesign.com.
SOURCE Faring Capital
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