American Apparel's space is for rent. Suriya Thai just went down. Neighbors have blamed the conditional-use process — whereby the city grants land-use permits on a case-by-case basis — for all the vacant storefronts on Valencia. (At the time of the American Apparel hearing, the number cited was in the mid-20s.) But others have pointed out that of the 20-something ghost stores haunting the corridor, many aren't even for rent. Take the space formerly occupied by Charles Phan's Slanted Door, for example: it's still owned by Phan, and he plans on opening a new restaurant there this year. But money's tight yada yada, ergo empty storefront. ML's report found five vacancies that were being "held off the market by the owners," and six more that were being prepared for occupancy. Many more, however, appear to be a result of owners demanding higher rents — rents that tenants can't really afford. In this economy. There, we said it. Seems some places have been getting rented at dramatically below asking rate recently, so maybe prices (and expectations) are coming down closer to earth.
· Many Stories Lie Behind Valencia’s Vacancies [Mission Loc@l]
· Last Chapter for American Apparel Space [Curbed SF]