Developers Put Spotlight on Tinseltown
The pace of real estate development in Hollywood continues to surge ahead as plans were announced for two new projects, a luxury housing/hotel complex on Highland Avenue and a $60-million office project on Vine Street.
Los Angeles-based developer Accord Interests said it is in escrow to buy the old ABC Television studio complex on Vine Street between Fountain and Homewood avenues. The firm plans to renovate existing buildings and add new structures to create approximately 300,000 square feet of office and commercial space geared to entertainment-related tenants, said Karl Sternbaum, an Accord Interests partner.
The project is the first in Hollywood for Accord Interests, which is building a Courtyard by Marriott hotel near Old Pasadena. Sternbaum said the firm wants to take advantage of rising demand for commercial space in Hollywood, where a host of new office, retail and residential projects have been announced or broken ground in recent months.
“People have recognized the convenience of Hollywood,” said Sternbaum, whose firm is in the process of securing a loan to complete the purchase. “It’s truly an urban resurgence.”
The facility on the southern edge of Hollywood was built in the late 1940s for ABC, which moved out in the mid-’70s, said Sternbaum. AIDS Project Los Angeles currently occupies and owns the site.
Jeffrey Haber, an attorney for APLA, said the organization will relocate to smaller offices nearby once a sale is completed.
On the north side of Hollywood, developer Jeff Greene paid $3.4 million for a parcel at the southeast corner of Highland and Franklin avenues, according to Grubb & Ellis broker Jordan Richman, who along with partner Barry Baker, represented buyer and seller in the deal.
Richman said the 1.67-acre property, which is used as Hollywood Bowl overflow parking, can accommodate 121 apartment or hotel units. Specific plans and timelines for the apartment and hotel projects are being finalized, Greene said.
In April, Greene purchased the landmark Frederick’s of Hollywood building on Hollywood Boulevard for $4 million. Greene plans to renovate the building after the lingerie chain’s headquarters, museum and ground floor store relocate.
