A cluster of former warehouses and other commercial buildings near the intersection of Melrose and Western Avenues in an area known as Melrose Hill is quietly but quickly transforming into a hub for art galleries, independent shops and creative nightlife. Existing and new tenants range from the iconic Ggiata diner and Los Angeles-based women’s clothing brand to top-tier mega-retailer David Zwiner.
Behind it all is businessman Zach Lasry, 32, who, along with his father Mark, a billionaire hedge fund manager, co-owner of the Milwaukee Bucks and a major donor to the Democratic Party, has invested in 18 properties. The son turned to real estate after he started acting (played Scott Caan’s assistant entourage) and behind-the-scenes dreams in Hollywood (including an early stint as a PA in the camera department wolf of wall street).
“I wanted to bring my cinematic lens to real estate, embrace it in a narrative spirit,” says the aspiring real estate developer. “What I’m trying to do is similar to manufacturing: hire people you trust, encourage collaboration, see what happens. I let recruiters lead the way. This is true in most areas. [organically] develop at least
Lasry’s first tenants on the stretch, which remains a prominent spot for morning sex, include the Vitru workout venue, the high-design showroom Sized, and Manhattan-based gallery duo Sargent’s Daughters and Shrine, who share the address. Art gallery Unrepd (whose clients include Vanessa Hudgens and Rich Paul) also joined the enclave in a shared space with furniture store Pop-Up Home. Unrepd co-founder Sarah Griffin notes: “The neighborhood is a bit like New York for us, and it will be a small enclave. We were looking for energy and we found it. Adds gallery owner David Daniels, who runs the Moran Moran, which opened in 2021 in the Lasry building after leaving West Hollywood: “We feel a geographic shift in the east. “The West now seems more central.”
The stretch of Western Avenue where David Zwinner will open his first gallery in Los Angeles in 2023, just a few blocks east of the Paramount lot.
Degen Penner
Noah Holton-Raphaeli, co-owner of Ggiata, thinks the newcomers share a sensibility. “Everyone in the neighborhood is doing cool stuff,” he says. Lasry notes, “The point, beyond price, location and architecture, is that we want to be the right environment for whatever you’re working on.”
Lasry’s development partner is Tyler Stonebraker, a realtor and investor who is also involved in the upcoming Color Club, a live music and dance venue across the street whose other partners include artists Simon and Nikki Huss, the photographer Mason Poole and potter Kevin Willis. . “We were inspired by places like Giorgio,” says Stonebreaker of Brian Rabin’s Los Angeles nightclub.
Lasry, who recently sold one of the family’s buildings to the nonprofit LAXART (which is bidding farewell to his current Hollywood home), is aware of the pace of his launch strategy and fears the extra distance could drown out the fuss. “We don’t want to hire too quickly,” he explains, “because there’s no time to see what happens.”
This story first appeared in the July 15 issue of The Gossipify. Click here to subscribe.
Source: Hollywood Reporter
Camila Luna is a writer at Gossipify, where she covers the latest movies and television series. With a passion for all things entertainment, Camila brings her unique perspective to her writing and offers readers an inside look at the industry. Camila is a graduate from the University of California, Los Angeles (UCLA) with a degree in English and is also a avid movie watcher.
