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Photo by Eddie Maloney. [CC BY-SA 2.0], via Wikimedia CommonsThe Proud Bird restaurant, the once-endangered aviation-themed eatery east of Los Angeles International Airport, secured a new 20-year lease with the airport Thursday that calls for $5 million in building improvements that will require two years of construction at the site.

The city Airport Commission approved the lease for the restaurant. The eatery has a collection of historic aircraft outside, and hundreds of aerospace photos inside the building at 11022 Aviation Blvd.

Under the terms of the lease, restaurant owner Runway Two-Five Corp. is required to make at least $5 million in building improvements, including replacing the roof and bringing the structure up to code. The owners will also add displays on the Tuskegee Airmen and other historical exhibits.

According to Los Angeles World Airports, the owners plan to invest nearly $5.9 million in the property, including the roof replacement, with the work being done during the first two years of the lease which is effective Feb. 1. The restaurant is expected to be closed during the construction, according to LAWA.

During that first two years, the company will pay $10,000 a month in rent, with the cost rising to $20,145 per month in year three, plus a $5,000 monthly building fee beginning in the fourth year.

Restaurant owner John Tallichet said in 2013 the restaurant was in danger of closing because he was unable to reach terms on a long-term lease with LAWA. He said initial proposals called for the rent to be increased from $200,000 a year to $500,000.

The company was given a temporary lease extension in December 2013, but that extension was set to expire at the end of January.

The original lease for the property was given to Runway Two-Five Corp. in 1965.

City News Service

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Proud Bird restaurant near LAX plans $5M upgrade, signs 20-year lease

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CAMBRIDGE -- Growth in home-improvement spending is expected to soften as the year progresses, according to a report released Thursday by the Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University.

The so-called Leading Indicator of Remodeling Activity projects annual growth in home improvement spending to decelerate from 6.3 percent in the first quarter of 2015 (from $134 billion to $142.4 billion), to 1.6 percent by the third quarter (from $137.9 billion to $140.1 billion).

"Due in part to weakening home sales last year, growth in remodeling spending is expected to deflate somewhat in 2015," said Chris Herbert, managing director of the Joint Center, in a statement. "Homeownership rates continue to slide as lending remains tight and first-time homebuyers are not yet returning to the market."

The LIRA is designed to estimate national homeowner spending on improvements for the current quarter and subsequent three quarters. The indicator, measured as an annual rate-of-change of its components, provides a short-term outlook of homeowner remodeling activity and is intended to help identify future turning points in the business cycle of the home-improvement industry.

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Thursday, January 15, 2015, 11:49am

As the broader housing market continues its sluggish recovery, growth in home improvement spending is also expected to soften throughout the coming year, according a new report from Harvard's Joint Center for Housing Studies (JCHS). The JCHS's Leading Indicator of Remodeling Activity (LIRA), an index created by the center's Remodeling Futures Program, projects annual growth in home improvement spending will decelerate from 6.3 percent in the first quarter of 2015 to 1.6 percent by the third quarter.

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