Less than a month after the highly anticipated Whole Foods Market opened at 8th and Grand, another new development has started construction across the street on a surface parking lot keeping the momentum going here on the northern edge of South Park. Sandwiched between Carmel’s new residential tower (that’s also under construction) and the 49-unit South Park Lofts, a new parking structure broke ground in mid November that will include a new CVS drugstore on the ground floor adding another practical business to a growing residential neighborhood in South Park.
Last November, we found out that a new CVS Pharmacy drug store had signed a lease to take over the entire corner of the historic Van Nuys building at 7th and Spring in the heart of the Historic Core. This can be seen as a good and bad thing for those who live in downtown. Good because it’s always nice to have more options and variety to get your daily residential needs fulfilled. After all, CVS along with other drug store chains like Walgreens and Rite Aid are meant to be neighborhood serving retailers that are convenient and ubiquitous in established urban communities. However, this particular CVS can also be viewed as a bad thing because of its close proximity to Skid Row where homeless individuals are known to frequent these drug stores to purchase prescription drugs and alcohol. In the case of Rite Aid at 5th/Broadway, loitering in front of the store is a big issue along with drug dealers and other unpleasant “it’s-your-fault-for-moving-to-an-urban-downtown” experiences like getting beat up by random thugs!
So it’s official! A brand new CVS Pharmacy is coming downtown soon. Slated for a late 2014 opening, the new CVS will be taking over a
15,000 13,800 square foot corner space on the ground floor of the beautiful historic Van Nuys building on the SW corner of 7th/Spring. According to the listing agent Derrick Moore, a commercial broker with Avison Young who represented the building owner, the lease was just fully executed and finalized. Initial demolition work has already begun inside the space clearing the way for CVS to begin construction once plans and permits are approved by the city.