By Anne Machalinski
Next week, Snap Inc., the parent company of popular photo messaging app, Snapchat, is expected to go public. If things go according to plan, stocks will be priced at $14 to $16 per share—and the company will be valued at around $20 billion—making this the biggest U.S.-based tech IPO since Facebook went public in 2012. The result, among others, will be a slew of new millionaires ready to snap up real estate in Los Angeles, where Snap is part of a burgeoning tech sector on the city’s Westside.
While Google first opened office space in the Frank Gehry Binoculars Building on Venice’s Main Street in 2011 and Snap started operating out of a nearby beach bungalow in 2013, today, both companies have spread out into additional office space and nearby neighborhoods. They now work alongside other tech giants like IMAX and Sony Playstation, as well as growing, but smaller, startups like DogVacay and Dollar Shave Club. The concentration of these businesses in the beachside (and nearby) communities of Venice, Playa Vista and Culver City have earned this area a catchy title: Silicon Beach.
And just as Silicon Valley activity has driven up residential real estate prices in and around San Francisco for the past few decades, Silicon Beach is now having the same effect on the Westside of L.A., resulting in steep price increases in several communities, plus a new development meant to support the influx of wealthy workers.
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