LA Rising: Hollywood Real Estate sees list of mega projects

0

Echelon Studios

Hollywood’s appeal continues to grow. The iconic neighborhood no longer attracts only aspiring actors and tourists, but has also attracted big companies like Netflix. The developers are right behind them with plans to add soundstages and large mixed-use real estate projects.

KEY PROJECTS

Hollywood Center
Site: Hollywood and the vine
The description: The mixed-use project will have 903 residential units, including 770 market-priced units and 133 affordable seniors units. The senior housing component is a partnership with the Menorah Housing Foundation. When complete, the project will also include nearly 386,000 square feet of creative office space and 27,000 square feet of food and retail space.
Developer: Deputy Los Angeles
Architect: Handel partners
Estimated Completion Date: NA

The star
Site: Sunset Boulevard and Gower Street
The description: When complete, the $ 500 million creative office campus will be a 22-story tower. It will have heavenly gardens, a cable car, a rooftop restaurant and event spaces.
Developers: Star, a family-owned limited liability company run by Chinese investor and real estate agent Maggie Gong Miracle
Architect: MAD Architects
Estimated Completion Date: 2026

Whiskey Hotel
Site: 1717 Wilcox Avenue
The description: The hotel, which is under construction, will have 134 hotel rooms upon completion. The whiskey-themed hotel will have a minibar with whiskey and a whiskey fountain in the lobby.
Developer: Adolfo Suaya
Architects: Roschen Van Cleve Architects and Christoph Kapeller of CK-Architecture
Estimated completion date: 2022

Carrefour Hollywood
Site: 6671 Sunset Blvd
The description: The billion-dollar mega-development will integrate the existing Crossroads of the World plaza and add nine new buildings, including a 308-room hotel, 950 apartments and 190,000 square feet of retail space. It will extend over 8 hectares.
Developer: Harridge Development Group
Architects: Skidmore Owings & Merrill and Rios Inc.
Estimated Completion Date: 2025, with a few milestones opening earlier. The project has been the subject of numerous lawsuits which may lead to delays.

HOLLYWOOD IN FIGURES

OFFICE
(Hollywood-Wilshire corridor, from the third quarter)

Direct vacancy: 22.2%
Rental rate: $ 3.65 per square foot
Net absorption: -96,862 square feet
Gross rental activity: 156,000 square feet
Source: CBRE Group Inc.

RETAIL TRADE (Hollywood-Silverlake, Q3)
Inventory: 629,544 square feet
Overall vacancy: 20,299 square feet
Vacancy rate: 3.2%
Net absorption: 1,830 square feet
Source: CBRE Group Inc.

SEVERAL FAMILIES
12-month units delivered: 1,464
Absorption units at 12 months: 2,720
Vacancy rate: 6.9%
Growth in asking rent over 12 months: 5.8%
Source: Colliers International Group Inc.

HOTELS
In construction:
Nude Los Angeles,
Hyatt Unbound
64 bedrooms
Whiskey Hotel
134 rooms
Hotel Tommie
212 rooms
Source: Atlas Hotel Group

5 questions for David Simon

One developer betting big on Hollywood is David Simon, founder and CEO of West Hollywood-based Bardas Investment Group, which has submitted plans, along with his partner Bain Capital, for a $ 450 million project to establish Echelon Studios in an old Sears store.

The 5-acre site will feature four 19,000 square foot sound stages, a 15,000 square foot flexible stage and 93,000 square feet of bungalows in a Creative Village. The project will also include 370,000 square feet of creative office space.


Bardas Investment Group has over 1 million square feet of projects in Hollywood.


Simon was previously an executive at Sawtelle-based Kilroy Realty Corp. where he was responsible for the company’s LA portfolio, including the Columbia Square media campus in Hollywood.
Simon spoke with the Echelon Studios and Hollywood Business Journal.


Why are you interested in Hollywood?
Hollywood has interested me for many years. I think 20 or 25 years ago I made my first contract in Hollywood by keeping CNN and acquiring the CNN building. I always knew Hollywood was a special place in the city. It’s a global brand.


How was Echelon Studios born?
It was really about focusing, especially in a post-Covid world, on how people – and the creative community in particular – want to use space. We found this site and started thinking about whether to create this urban studio environment. … Considering the size of this particular site and the geography of the site, we are able to create these (four) large soundstages with sufficient base camp, with production support space, with space bungalow and really all the elements of a studio lot on a 5 acre campus. … And the demand for content creation, as we all know, has really grown in an incredible way, and to the extent that we can help create these environments locally and keep people in Hollywood, that’s how it’s done. ‘is produced.

What makes something the right project for you?
Location is always the key to any type of real estate investment and development for it to be successful. Obviously the costs are really going up now, the construction costs, so you’re hoping the prices are stabilizing.



Echelon Studios will be in a former Sears store. Are you hoping to do more conversions and core development on old retail sites?


The advantage of retail sites, and you see it everywhere, big malls are converting… (is) they are usually very large retail sites, so you have a lot of ground and a great capacity for development . They usually have a lot of parking space which is important.


What is your vision for the future of Hollywood?

Over the past 20 years, the trajectory has been in the right direction, but there are always hiccups when a recession hits and there is a downturn, and there are homelessness issues across the country. city. But I think the entertainment and content creation industry is really at home in Los Angeles… Hollywood has a great opportunity to capture its fair share due to the ecosystem already in place, the studios already in place and the proximity to talents. and well located in the city.

Putting the right plots together and putting the land together is always difficult, and after working in development and investing in Los Angeles and this environment for the past 25 years, you are able to develop and (train) a lot. good relationships and are able to put together a lot of big projects. We are optimistic and believe that this space in content technology and media real estate has really been around for some time.

For reprint and license requests for this article, CLICK HERE.


Source link

Leave A Reply

Your email address will not be published.