Image via Palisadian-Post
Evoking the shivers of Cold War architecture, hit with a hint of sunny SoCal beach shine, a long vacant six-story concrete mixed-use building on Sunset Boulevard down by PCH has been sold to an investor who plans to renovate and rent it as retail and residential space. Last shown the love in 2007, the building had just started undergoing renovations when owner Adam Pasori, CEO of Santa Monica's Cedar Signature Homes, was killed in a plane crash just one year after paying $17 million for the property. MKA Capital Group Advisors, which then held the property's second trust deed, took the reigns but complications resulting from Pasori estate dealings left the work halted and the building untouched for over a year, resulting in its sad decay into a gallery of code violations, overgrown weeds, trash, and even grosser stuff not pleasing to Pacific Palisades peeps. Despite MKA's big dreams and investment of $24 million in cold, hard capital, the property got lost in legal limbo, with the title belonging last to US Bank. Now the Palisadian-Post reports that Jake Mathews of 9 Mile Investments has scooped up the 47,802 square foot behemoth (it was listed at $8.4 million) and hopes "to create something that is great for the community and the people who will live there."
Built in 1983, the structure is currently designed for first and second floor commercial space with upper floors divided into 16 condos sporting garden entryways and decks with ocean views. Mathews is considering turning some of the second floor retail into four or five more residential units. He's hired William Lehman of Aerie Development to project manage (you may remember him from his Sunset Strip mini-compound) and is now seeking an architect and contractor. He hopes to see it completed in less than 16 months.
Working "within the language of what is there," Mathews intends to remove previous renovations to expose original concrete and spiff the exterior back up to its former concrete awesomeness, blending it all into the adjacent hillside through the addition of native plant landscaping. Community involvement is evidently a priority as consultations with the Pacific Palisades Community Council and its Land Use Committee are moving full steam ahead. Considering the empty building's history as a homeless hotel and transient hot spot, neighborhood overseer the Sunset Beach Association gives Mathews's plan two enthusiastic thumbs up.
Moving his family from Hollywood into one of the building's residences is just part of Mathew's expressed "100 percent commitment" to the project.
·Buyer Aims to Renovate Sunset Building [Palisadian-Post]
·Work to Resume on Derelict Building [Palisadian-Post]