Trader Joe’s CEO Dan Bane
Trader Joe’s is coming to Venice, another indicator that the Westside neighborhood has reached true gentrified status.
The tiki-nautical themed grocery store chain has filed plans for a new 15,000-square-foot retail store on Lincoln Boulevard in Venice, according to new documents published with the Department of City Planning.
It would be the first Trader Joe’s in Venice, and the fifth on the Westside. The chain also recently signed a new lease for a 16,000-square-foot store in North Hollywood.
Trader Joe’s applied for a beer and wine license for the Venice location earlier this week, according to city filings.
The new store might do more than just increase grocery options in Venice. A 2016 report by Zillow found that homes appreciate more rapidly if they are located near a Trader Joe’s or Whole Foods. The study showed that, between 1997 and 2014, homes near the upscale grocers were consistently worth more than the median nationwide home.
Planning documents reveal the auto shop and plant nursery existing at 620 South Lincoln Boulevard would have to be demolished in order to make space for the store. Architecture firm Van Tilburg, Banvard & Soderbergh, which ranked second on The Real Deal’s top architects of 2017 list, is designing the store.
The property is owned by boutique firm Roque & Mark Real Estate, property records show. They recently bought the site through an LLC named Lincoln LT.
Founded in Monrovia, Trader Joe’s has 11 locations in Los Angeles, and more than 470 stores in the U.S. The grocer will have 14 stores in L.A. County once it opens its planned stores in Marina del Rey, North Hollywood and Venice.
Powered by WPeMatico