Just on the other side of the Cahuenga from the huge mixed-campus that could bring some new energy to Vine just below Sunset, a $110-million mixed-user is slated for a property on the northwest corner of Fountain and Cahuenga. Floridian investment trust Rescore purchased the highly-desirable 1.8-acre lot for $28 million and partnered with Brentwood-based developer Cal-Coast Development on a plan for 300 apartments and more than 18,000-square-feet of office space, reports the LA Business Journal. They're imagining a mixed-user that captures a touch of "old Hollywood." We assume they're either referring to a glamorous movie-related era, or a time before fancy luxury apartments proliferated in Hollywood.
The latter makes sense, considering that the team behind the project is interested in making apartments for the non-luxury renter, seeing the complex as "an opportunity to provide rents more to the working person, as opposed to a lot of the high-rises up on Sunset and Vine, and on Hollywood Boulevard," as a rep for Cal-Coast put it. That's big big news, since developers have only seem willing to build high-priced housing these days. The nascent project's still got to get its entitlements; existing buildings on the property (office space and a few houses) will have to be demolished too.
· Hollywood Site to Be Recast as Apartment Project [LABJ]