Via Marla Aufmuth
And it's finally finished. A transformation of a building that hasn't been inhabitable since 2001, developer CIM's 63-unit apartment tower at Sunset and Vine will open for move-ins on New Year's Day. Touring the project, a renovation of a former office tower, we found the building--now named the Sunset Vine Tower--notable for a couple of reasons. First, the finishes and layouts (LA-based Kanner Architects did the renovation) are more thoughtful and luxurious than recent condo projects we've seen, and secondly, the pricing--a 1,217 square foot one-bedroom unit, 2 bath unit is asking $5,410/month, while the whole floor penthouse is asking $25,000/month-- is fairly aggressive. But both factors point to the developer's likely hope that the tower represents the New Hollywood, a new phase of luxury development in the neighborhood. To CIM's advantage, there's nothing like this in area, so this project will likely compete with places like 717 Olympic in downtown and even the Hollywood Hills home rental market. (And the rents may be as high as a mortgage payment, but is anyone rushing to buy right now?) To CIM's disadvantage, the neighborhood is still a bit scattered as it tries to figure out how to cater to tourists, office workers, the night life crowd, and residents. For instance, a wine bar and bistro is headed to the base of Sunset Vine, but another retailer that's signed a lease is a Chipotle.
Retail: Three of the four retail spaces have signed tenants: Confirmed are Bodega, a wine bar and bistro, a Tender Greens, and a Chipotle.
Parking: There are three stories of parking (including a floor of parking for the commercial spaces). Renters get one parking space per bedroom.
Details on the units: 13 foot ceilings, custom window shades, and notably, only four units per floor, so all the units have views. And the views are fairly spectacular.
Sample pricing: A 720 square unit is asking $2,046 a month. The model unit, a 1,217 square foot one-bedroom unit, two bath is asking $5,410 /month, while a 1,816 square foot two-bedroom, two bath unit is asking $11,913/month. The full floor 4,400 square foot penthouse is asking $24,999 a month.
About those billboards: With only four units per floor, the developer has hidden the billboards behind the walls that connect the units. You can see the edges of the billboard from from two windows in each unit, but they aren't as intrusive as one might expect.
Amenities: Amenities include a gym, as well as 24-hour concierge. There are plans to add a pool.
Web site: The web site Sunset Vine Tower.com will launch in the next week. The units are currently being advertised on Craigslist.
History: CIM agreed to buy the former office building, which was damaged in a 2001 fire, from Hollywood Panorama Tower Inc, but ultimately purchased the project from the developer in Nov. 2003 through the bankruptcy process. According to a press rep for CIM, the building has been out of commission since 2001. Describing the long process of renovating, she writes: "The first four years of this period [since 2001] involved getting control of the building from disputing parties who preceded CIM's acquisition. Phase II encompassed over two years of entitlement, design and permitting for the conversion, during which the building also appeared to be under construction because CIM concurrently fully gutted the building down to the structural steel, did hazardous material abatement and removed the building curtain wall." Final building permits were handed out in 2007 and construction issues delayed completion by 6-9 months, according to the rep.
The Penthouse: There's a 4,400 square foot penthouse asking $25,000 a month (that price includes a renter's choice in terms of a build-out of the interior).
· 1480 Vine St. #1102, Los Angeles, CA [Craigslist]