We learned a week ago that the family that owns the highly-desirable seven acres surrounding and including Hollywood's historic Yamashiro restaurant has put the site up for sale, but there weren't a lot of details at the time about what was to come for one of the area's most famous properties. Would there be a new hotel in addition to or instead of the existing one? What would happen to Yamashiro? Well now the brokers have revealed some possible answers, along with a video displaying some wonderful aerials of the site, and marketing materials full of hints at the hotness of hotels in Hollywood—while the 1914 Yamashiro structure is pretty safe, the property around it, which sits just off of Franklin and has been in the same hands since 1948, could see big changes in the form of hundreds of new residential units, hotel space, or maybe even a school.
The hilltop property up for grabs includes not just the 100-year-old Yamashiro building, but also the Hollywood Hills Hotel and Apartments and three smaller historic structures (the Monkey House, the Carriage House, and the Gate House). The marketing packet for the site says that the zoning allows for up to 382 residential units, but also takes every opportunity to point out that new developments should enhance the existing historic structures. The materials outline some pretty incredible possibilities to help potential buyers see the site's versatility; each scenario lays out a pretty specific way "to redevelop the site with more productive uses that complement the character of the location and its historic structures," and they'd all bring big changes:
Build condos or apartments: The zoning allows for it, so why not create some luxury living options up on this gorgeous hill? This scenario sees Yamashiro either continuing as a restaurant or being "repurpose[d] ... as a club and amenity for the residences."
Go hotel: This option, the packet notes, would require zoning changes and "would need to be creative" to work with the layout of the land and around the Yamashiro building and other historic structures.
Turn Yamashiro back into a single-family estate: Why not just live in a turn-of-the-century replica of a Japanese palace sited on seven acres in the middle of Hollywood, you wonderful, wealthy eccentric? Another version of this plan suggests "dividing the site into a smaller number of residential parcels developed into custom homes," which is way less badass.
Make the property into some kind of school: The site's vacant space would be more than adequate to accommodate any new structures necessary for some kind of learning institution, possibly an entertainment-oriented one. The package says the property is "ideal" for this kind of use, though it too would require the buyer to get additional entitlements.
The last time the site went up for sale (2007), it almost closed for $55 million before the deal soured into a lawsuit. Brokers Kitty Wallace and Stephen Algermissen of Collier's International say that the site is generating broader interest than they usually see, and that potential buyers run the gamut from local to national to international, but they wouldn't share any details on what kind of bids they're seeing or even expect to see. But with more and more development in Hollywood these days, of both hotels and residences, bidding will no doubt get heated and very high.