GlobeSt.com reports that Champion Real Estate Co. has purchased a 1.14 acre parking lot at 1717 Cherokee and 1718 Las Palmas in Hollywood--right above Hollywood Blvd. and behind Musso & Frank Grill. Champion plans to keep running the parking lot while they work on plans to build a mixed-use project. The mixed-use plans, however, hinge on the approval of the Hollywood Community Plan (that old harbinger of controversy is up for a public hearing in front of the LA City Council's Planning and Land Use Management committee tomorrow). According to GlobeSt.com: "Champion could not elaborate on the mixed-use project until the City Council approves the community plan update, which will dictate what the developer can build, but [Champion's president Robert Champion] does tell GlobeSt.com that the price in mind for the mixed-use project at this point is around $50 million." Champion did not share the purchase price for the transaction, but "industry sources" put it at $10 million. This isn't the first time Champion has made a bet on mixed-use in Hollywood recently--last year, the firm acquired a 2.76 acre site near Highland and Selma. Champion even tells Globe Street how fond they are of the neighborhood: "We are value investors. We believe Hollywood is a great value, and we believe the property we bought is a great value."
· Champion Acquires Parking Lot With $50M Plans [GlobeSt.com]
· Even More Apartments for Hollywood [Curbed LA]
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