Real Estate

CBD is taking over the mall.

The “green rush” is on – a mad race among prospective marijuana businesses that's having dramatic effects on the local commercial real estate market.

Experts suggest that property values get a contact high from retail marijuana because home buyers, entrepreneurs and job seekers who flood a newly legal marketplace create “unprecedented business and employment opportunities.”

Located in the Jewelry District, the project will be occupied exclusively by businesses in the cannabis industry. The Santa Monica-based developers are hoping the building will help transform the neighborhood.

Call it the “pot premium.” It’s driving up commercial real estate prices in the little seaside city that threw out the welcome mat to cannabis after voter approval in 2016 to legalize recreational marijuana in California.

Legal weed really doesn't mean the neighborhood will go to pot after all.

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