La Jolla Light
Enlightening La Jolla Since 1913
Vol. 100 Issue 3 • January 19, 2012
Online Daily at www.lajollalight.com
Residential Customer La Jolla, CA 92037 ECRWSS PRSRT STD U.S. POSTAGE PAID SAN DIEGO, CA PERMIT NO. 1980
Windows on the Future
INSIDE
Realtor notes a promising decline in commercial vacancies in La Jolla
T
Surfers paddle out for the late Ted Smith last Sunday, A3
1026 Wall Street: The future home of Puesto Mexican eatery.
La Jollans rally behind plans to save Post Office, A5
Friday memorial service set for Alfonso de Bourbon, A12
New exhibit on the old art of letter writing opens, B1
By Pat Sherman hroughout La Jolla Village fresh faces are replacing formerly vacant commercial spaces, including the addition of several new eateries and an Italian Market. Phil Wise, senior vice-president at Colliers International real estate, said a recent decrease in “For Lease” signs in storefront windows shows the commercial real estate market in La Jolla is improving. Colliers recently completed a survey of 163 commercial properties in the Village, comprising 1,331,947 square feet of retail space. The survey showed that the total amount of vacancies was less than 70,000 square feet, or 5.24 percent. When subtracting the vacant, three-story former site of Jack’s La Jolla, which closed in 2009 due to nonpayment of state taxes, the vacancy rate drops to just 3.34 percent, he said. When Wise conducted the first such quarterly survey for Colliers on April 1, 2011, the vacancy rate was 7.18 percent, or 98,963 square feet. “In a three-month period, this is amazing,” Wise said. “This should be front page, national news.” Wise concedes that there is some margin of error. Merchants may enter and exit the Village at whim, as evidenced by the closure this month of a Bruegger’s bagel shop at the corner of Pearl Street and Fay Avenue. However, Wise said the recent “positive absorption” or influx of new commercial business in the Village follows a period from 2008 to 2010 that saw a steady attrition of commercial businesses in downtown La Jolla. “What that means is that rents are going to start going up again,” Wise said.
7837 Herschel Ave. Herringbone restaurant will open in April.
On Girard: The former site of Jack’s La Jolla.
7441 Girard Ave. Ariccia Italian Market is coming
7632 Herschel Ave. 4,600 square feet for lease
See Future, A6
Merchants Association pins plans on three Village events By Dave Schwab Three special events — Concours D’Elegance (March 31-April 1), San Diego Film Festival (Sept. 28-Oct. 2) and La Jolla Art and Wine Festival (Oct. 6-7) — won unanimous backing from the La Jolla Village Merchants Association at its Jan. 11 meeting. LJVMA hopes the event trio will become the promotion cornerstone of its $350,000 annual budget. “This budget, which starts July 1, we have to submit to the city by Feb. 1,” said LJVMA President Phil Coller. He noted that all three events, “have a proven record of success,” prior to the board’s unanimous approval of the 2012-13 bud-
get at the meeting. “Now we have three events spread throughout the year supporting each other,” said Michael Dorvillier of the Concours D’Elegance, which he promotes for sponsor/presenter La Jolla Historical Society. “It’s a way to make this more than just a car show. Plans are to expand Concours (formerly the Motor Car Classic, a fundraiser for La Jolla Historical Society begun seven years ago on the lawn at the Cove’s Scripps Park) to be more business- and guest-friendly. “The car show is the key attraction, but you
Charles W. Hartford, CSNA Financial Advisor PIA Program Portfolio Advisor
(858) 456-3649 http://fa.ml.com/charles_hartford
See Merchants, A7
La Jolla’s Motor Car Classic will become a Concours D’Elegance in 2012. FILE PHOTO
Merrill Lynch 7825 Fay Avenue, Suite 300 La Jolla, CA 92037
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