The long-delayed Blvd6200 project, which would put 1,014 new apartments and 175,000 square feet of retail next to the Pantages Theatre on Hollywood Boulevard, has switched hands, and it sounds like it'll still be the first out of the gate in the nascent Hollywood development boom. Developers Clarett Group caused a bit of alarm in March when it was reported that they'd shut down their New York office, but a lobbyist for Blvd6200 promised the LA City Council that the project would "be under construction in the very near future." Now the LA Times reports that Clarett's sold the whole thing to New York-based DLJ Real Estate Capital Partners for an undisclosed amount and that DLJ has a deal with the Nederlanders, who own the Pantages, to lease the 7.3 acre project site for 99 years. Clarett will keep working on the project with DLJ. Blvd6200's first groundbreaking date was set for 2008; more recently, we heard January of this year. Who knows when the dirt will fly, but the LAT says developers hope to finish phase one, which will include 535 apartments and about half the retail space, in about three years.
· Residential and retail project next to Pantages Theatre has new developer [LAT]
· Clarett Group Shutters NYC Headquarters, What's Happening in LA? [Curbed LA]