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Selma Hotel Taking Another Ride on the Financing Merry-Go-Round

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[Rendering via Killefer Flammang Architects]

While Hollywood is seeing a bumper crop of new or planned hotels, there's been little word on the status of the Selma Hotel, an entitled 9-story, 136 room-hotel Killefer Flammang-designed hotel proposed for 6417 Selma Avenue (at Cahuenga Boulevard). It turns out local developer Five Chairs' plans to finance the hotel with city-issued Recovery Zone Bonds and other types of financing never panned out, so today the City Council moved to essentially drop the city's development agreement with Five Chairs. But that doesn't mean it's dead: Richard Heyman, partner at Five Chairs, tells us he wasn't happy about using the bonds, and is now looking at alternative ways of funding the hotel. Given that the project falls in a redevelopment zone, and uses a density bonus, the Community Redevelopment Agency is involved in both the hotel (no CRA money was granted) and the accompanying pedestrian-friendly alley, a project that elicited some oohs and ahhs when it was first announced. As for a new financing deal for the hotel, "we hope to be able to announce something by June," Heyman tells us.

· Selma Avenue Hotel Brings Boutique-ness to Hollywood [Curbed LA]