The crowd gathered for a ribbon-cutting ceremony outside the renovated Ivanhoe. Photo by Chris Jennewein
The crowd gathered for the ribbon-cutting ceremony outside The Ivanhoe. Photo by Chris Jennewein

The growing wave of construction and renovation in the village area of La Jolla continued Friday as Capstone Advisors completed a $1.5 million renovation of The Ivanhoe building.

The three-story, 33,400-square-foot building at Ivanhoe Avenue and Silverado Street was upgraded inside with a new lobby, hallways and bathrooms, and outside with new lighting, paint and drought-resistant landscaping.

Nature photography adorns the public areas of the renovated building.

“Office space is very hard to come by in La Jolla, so we are very pleased with their investment,” said City Councilmember Sherri Lightner, who praised the company for working closely with the community.

The renovation comes just weeks after the opening of The Lot, a luxury movie and restaurant venue on Fay Avenue.

“I think we’re seeing the response to the upswing in the economy,” said Lightner. “It’s going to be a very exciting time.”

Alex Zikakis, founder and president of Capstone, noted that the building had aged over the years and needed extensive work. “When we bought it, it was a little bit tired,” he said, but is now “class A” office space.

Chris Jennewein

Chris Jennewein is Editor & Publisher of Times of San Diego.