Flurry of deals bodes well for Hollywood and Western corner.Affirming the city's decade-long revitalization re·vi·tal·ize tr.v. re·vi·tal·ized, re·vi·tal·iz·ing, re·vi·tal·iz·es To impart new life or vigor to: plans to revitalize inner-city neighborhoods; tried to revitalize a flagging economy. efforts at the corner of Hollywood and Western avenues, private investors and developers have in recent weeks committed to spend as much as $100 million for a mix of residential and commercial development. The largest of the deals closed earlier this month. Shooshani Developers LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control paid $30.5 million for the 121,000-square-foot retail component of Hollywest Promenade, at the northeast corner of Hollywood and Western. The deal, which at about $252 a foot rivals the price paid earlier this year for the wildly successful Paseo Colorado, marks an attention to the market that has even surprised Hollywest's developer. "Our original plan was to keep it for while but we had so much interest in the property," said Victor MacFarlane MacFarlane or Macfarlane is a surname shared by:
MacFarlane took over the project in 2001 after its original developer ran into legal and financing troubles. The project's retail component, anchored by Ralphs, was largely pre-leased when opened last fall. It is now 95 percent occupied. The residential portion of the project opened in May. The CRA See Community Reinvestment Act. contributed $7 million to the development of Hollywest's residential component. As part of its development agreement, MacFarlane sold the 100-unit affordable senior housing aspect to the CRA for $15.6 million, including repayment of the earlier funding, in a deal that closed last week. The CRA, in turn, has a deal to flip the apartments to the non-profit Retirement Housing Foundation for $8.7 million. The group received the discounted price in exchange for an agreement to maintain affordable rents for low-income tenants for 55 years. Also closing in the first week of October was the $9.2 million sale of four properties, including the historic Louis B. Mayer Noun 1. Louis B. Mayer - United States filmmaker (born in Russia) who founded his own film company and later merged with Samuel Goldwyn (1885-1957) Louis Burt Mayer, Mayer Building, at or near the southwest corner of the intersection. American Housing Construction Inc., which owns about 1,000 apartment units in L.A. County, plans a $30 million to $40 million redevelopment for the 74-year-old Mayer building and three adjoining properties as a mixed-use project of 180 residential units and 30,000 square feet of retail. American Housing is already seeking entitlements for a 64-unit apartment project at the southeast corner of Western and Carlton Way, one block south. Following on the most recent activity, real estate sources working in the market said a deal for the purchase of a one-acre lot at Hollywood and Garfield Place, a block west of Western, was also in the works. The buyer had not been identified, but there was talk of a mixed-use project of 30,000 square feet of retail and 90 apartment units if the sale went through. Transitional SUCCESS The activity is a far cry from 1999, when the Metro Rail station opened at the southeast corner of a Hollywood and Western intersection known for its prostitutes and drug users. "The area was in total disarray," said Albert Otero, senior partner at L.A.-based American Housing Construction. "Without city help, you don't get that cleaned up." The CRA committed $7 million to Hollywest and another $5 million to Metro Hollywood, a $14 million mixed-use project of 60 units of affordable housing and 9,000 square feet of retail next to the Metro Rail station, helping both projects get underway. Metro Hollywood developer McCormack Baron Salazar is putting the finishing touches finishing touches finish npl the finishing touches → der letzte Schliff finishing touches npl → ultimi ritocchi mpl on the project, and CB Richard Ellis CB Richard Ellis Group, Inc. NYSE: CBG is a multinational real estate corporation currently based in Los Angeles, California, U.S.A.. On December 20, 2006, the corporation, also known as CBRE, completed acquisition of Trammell Crow Co. in a transaction valued at $2. is marketing its retail space for lease at $3 a foot, on par with the asking rates on tonier Melrose Avenue Melrose Avenue is a well-known Los Angeles street that starts from Santa Monica Boulevard at the border between Beverly Hills and West Hollywood and ends at Hoover Street in Silver Lake. Melrose runs north of Beverly Boulevard and south of Santa Monica Boulevard. and Beverly Boulevard Beverly Boulevard is one of the main east-west thoroughfares in Los Angeles. It begins off of Santa Monica Boulevard in the Beverly Hills and West Hollywood border and ends on Lucas Avenue near Downtown Los Angeles. to the southwest. "The city has been doing a wonderful job bringing attention to an area that needed it," said Tony Shooshani, a principal with Shooshani Developers. There are still snags to the area's revitalization, however. New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of hotelier Urs Jakob, part of the group that sold the Mayer building, has tried unsuccessfully for the last four years to redevelop re·de·vel·op v. re·de·vel·oped, re·de·vel·op·ing, re·de·vel·ops v.tr. 1. To develop (something) again. 2. the northwest corner of Hollywood and Western into a hotel and retail complex. Jakob did not return calls seeking comment. |
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