Business Roundup: More comings and goings in the Village of La Jolla

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Progress on the new La Plaza shopping complex at Wall and Girard is delayed while architects wait for the city to issue a building permit.

By Pat Sherman

To give our readers a sense of the changes constantly afoot in the Village,

La Jolla Light

offers its readers quarterly business roundups.

This installment finds commercial vacancies in the Village of La Jolla down slightly from the same time last year, though a number of familiar retailers are bidding the Village farewell, including

Armani Exchange

at Girard Avenue and Silverado Street (their lease expires at the end of January), and

Carly & Co.

interior design services, at 702 Girard. Ave.

It’s no secret that

Victoria’s Secret

left the building at Prospect Street and Herschel Avenue Oct. 1 — also the former site of Hotel Parisi, which closed its doors in April (a vacancy that has yet to be filled).

Arjang Art Group

has entered the space formerly occupied by Victoria’s Secret, relocating from 1025 Prospect St. The store features original art, lithographs, serigraphs, antiques, sculptures, rugs and even Victorian art.

Also on Prospect, two prominent buildings sold in the past month, including the 5,623-square-foot, two-story office building at 930 Prospect St. leased by

Coldwell Banker Residential Brokerage

(which went for $6.2 million in cash). The longtime La Jolla real estate company will remain as the sole tenant. The building was constructed in 1990, and remodeled five years ago.

In addition, the approximately 29,252-square-foot building at 909 Prospect St. (home to

Barfly

nightclub and restaurant) sold for $12 million. The two-story building, originally housing a Hard Rock Café, was built in 1989.

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Artist rendering of the new La Plaza boutique shopping complex at Girard Avenue and Wall Street. Courtesy Dempsey Construction

La Plaza update

The much-anticipated remodel of the three-story building formerly home to

Jack’s La Jolla

restaurant and nightclub complex at Wall Street and Girard Avenue is taking longer than anticipated. Its unveiling as the luxury, boutique shopping complex,

La Plaza

, La Jolla should now take place in February or March of 2014 (instead of this month, as initially announced), according to Dempsey Construction, which is completing exterior and interior renovations.

A Dempsey representative said the company took the demolition phase as far as it could, and was waiting for the city to issue the actual building permit, which it received this month.

Improvements to the 33,626-square-foot complex include installation of plaster and pre-cast concrete features, new windows throughout, decorative guardrails, new pavers, hand-painted accent tiles and a combination elevator-clock tower.

Davlyn Investments acquired the property at auction in November 2012. “We saw this as an opportunity to redevelop and revitalize, arguably, the premier corner in La Jolla with a new energy, while bringing back the elegance that existed in La Jolla in years past,” said Davlyn CEO Jon Williams.

The project team also includes La Jolla’s Alcorn & Benton architects and Jim Rinehart of CBRE, among others.

Williams said Davlyn is in “advanced talks” with multiple tenants, and continues to court others, though none have been announced to date.

“We are searching for a salon or a luxury spa for the third floor, as well as a restaurant for the premier space in the building that includes ocean views and terrace seating,” Williams added in a news release. “We expect to finally begin announcing the names of our first group of shops (sometime this month).”

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