Seven-story building dedicated to cannabis companies to open in Los Angeles
A new hub of cannabis commerce is coming to Downtown Los Angeles. Forbes reports that the Green Building on South Hill Street in L.A.’s old jewelry district is entirely dedicated to businesses in the cannabis industry.
Opening next month, the seven-story, 67,000-square-foot building will reportedly be the largest real estate space solely devoted to cannabis in the United States. Archinect calls it an “elite cannabis industry members club.”
The historic building, built in 1916, is being developed by real estate investment company Bow Wow Capital, which purchased it last year for $14 million.
The Green Street Building is named after the Green Street Agency, a creative agency dedicated to the cannabis sector and the building’s anchor tenant. Gary Vaynerchuk, the famous entrepreneur and public speaker, owns 50 percent of the Green Agency.
The eponymous building will combine other businesses such as co-working spaces for cannabis companies, an art gallery, a restaurant dedicated to cannabis-infused delicacies, the offices of a cannabis-focused law firm, a luxury spa with cannabis-infused treatments, a lounge, testing facilities, and a dispensary. Vicente Sederberg LLC, a law firm specializing in marijuana cases, is one of the tenants.
"The companies who are part of the building are some of the biggest players in the industry," said Matthew Rosenberg of M-Rad Inc., the architect behind the project, speaking to Archinect. "Which will bring in high-level clientele and investors who may feel encouraged to invest in the development of the area. The building itself will host a number of cannabis-related programs such as cultural activities and gastronomic experiences which will attract new clientele."
M-Rad renovated the interiors to cater to a wide variety of tenants, balancing open-plan working areas and closed spaces for those who want privacy. But they see the one building as only the beginning.
"The buildings in [the Jewelry District] have not received the proper upkeep, allowing for low sale prices of the buildings but also requiring full renovations. With the prosperity and funding in the cannabis industry on the rise, this is a perfect combination for this exciting new industry to make this area their home, with Green St. being the catalyst." Rosenberg said to Forbes.
“As the cannabis industry evolves to become accepted as a luxury product, we anticipate having the opportunity to expand the cannabis hub concept beyond the South Hill Street building, rejuvenating the entire city block,” Green Street Agency President Rama Mayo said. “Our vision is to create the very first professional cannabis campus here in LA and look forward to sharing this groundbreaking experience with the community.”
Although the final tenant list is still being put together, M-Rad designed a variety of concept spaces for the Green Building, including a hidden bar with a custom joint-rolling table. Another space is a lounge called MOTA, which is Spanish slang for marijuana. It would complement the restaurant with its custom U-shaped bar designed for cannabis connoisseurs to taste their discoveries. They also proposed a dedicated smoking area called the Flower Room.
*All renderings via M-Rad Inc.