Go Hollywood, go! Just a couple days after we hear that the lawsuit against the Emerson College project at Sunset and Gordon has been dropped, the LA Times reports that its cross-the-street neighbor, the Old Spaghetti Factory site, has been sprung from default jail. Good old CIM Group has bought the 1.7 acre site and its historic Spaghetti Factory (seriously--the building opened in 1924 and served as the studios for KMPC starting in the 1940s). And CIM plans to go ahead with the project already approved for the site--it was originally developed by Portland-based Gerding Edlen and include a 22 story tower with 305 apartments or condos, plus 40,000 square feet of retail and office space. The restaurant will be preserved and incorporated. Gerding Edlen got the project entitled back in 2008, but was held up by lawsuits (homeowners of course hired infamous Hollywood-development-stalling lawyer Robert Silverstein). A notice of default was filed on the site last summer and its lender took it back in the fall. The LAT says experts estimate the property set CIM back more than $20 million.
· Real estate deal points to Hollywood's comeback [LAT]
· Notice of Default Filed on Hollywood's Sunset and Gordon Project [Curbed LA]