Online retailer turned brick-and-mortar shop Poketo announced on Instagram it would be closing its Arts District flagship store at the end of this month.
The boutique shop said the building’s owners, RYDA Ventures, headed by brothers Ryan and Daniel Neman, have decided to redevelop the property.
Ryan Neman confirmed with The Real Deal that RYDA will be “renovating the building” and said the firm is “in communication about keeping existing tenants.”
RYDA has been in the business of developing trendy restaurants and retail spaces since it launched in 2014.
The company acquired five retail parcels in Silver Lake at 3303-3327 W. Sunset Boulevard, totaling approximately 27,500-square-feet, last year for $7.8 million. It also acquired a 100-year old bungalow in Los Feliz in 2015 for $2.2 million with plans to turn it into two restaurants.
Poketo’s popular store at 820 E. 3rd Street was the e-commerce company’s first brick-and-mortar shop, which it opened in 2012. The company said on Instagram that it has plans to open a new location soon. It also operates a store inside the Line Hotel and a location at the Platform in Culver City.