$40-million apartment and retail complex coming on Melrose Ave.

An 85-unit apartment complex atop shops and restaurants will be built near the main entrance to Paramount Studios by California Landmark Group.

The project called the LC will be on Melrose Avenue across from the north end of Larchmont Boulevard. California Landmark expects to start work as soon as March and complete the $40-million project by January 2015.

The price tag includes the acquisition of a 55,000-square-foot vacant lot split by an alley. The project will be built above the alley, which will remain in use, said Ken Kahan, chief executive of Westwood-based California Landmark.

Likely tenants are people who work at Paramount or elsewhere in the entertainment industry, Kahan said. Rents will be range from $2,000 to $3,500 per month.

Larchmont, a popular neighborhood shopping street, “is kind of sleepy north of Third Street,” he said. “This will reinvigorate the north end of Larchmont.”

The name LC comes from Larchmont Boulevard and Camerford Avenue, the northern boundary of the project.

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