Last December, plans were revealed for a 21-story residential building at the corner of Ivar and Argyle in Hollywood. There was some concern that the same Hollywood Fault that was disrupting the neighboring Millennium Hollywood project might also derail this 277-unit tower, but everything soon appeared to proceed without incident. Maybe not for long though. According to Urbanize LA, the developers have heavily revised their original plans, beefing up the development substantially. In a move that almost seems directly geared towards courting controversy with anti-density zealots in Hollywood, the project has gone ahead and added 11 more floors and a second building. The proposed tower would now rise 368 feet, with 32 stories of housing, commercial space, and hotel rooms.
That's right, more hotel rooms in Hollywood. The project now includes 260 hotel rooms that will occupy floors six through 12, with a pool deck on the sixth floor. Floors 13 through 32 would have residential units and suites, floors two through five would be a parking structure with room for 456 cars, and the ground floor would be occupied by about 7,000 square feet of commercial space. A second building, sitting adjacent to the 32-story tower, would house additional apartments. That structure is planned to rise just six stories, and would also feature a landscaped plaza area.
In all, the project would bring 191 residential units to the Hollywood area—39 affordable units, 22 classified as very low-income, and 17 low-income—a fair number of desperately needed new Hollywood apartments for the non-rich.
Riley Realty, the company behind the project, looks to be cashing in on Hollywood's two biggest real estate trends at the moment: the hotel boom and the act of lobbying city officials for zoning changes—the project needs approvals from the city for its massive height and density bonuses (those aforementioned anti-development zealots previously tanked a zoning overhaul in the neighborhood that might have allowed such development without exemptions). If it can get get those and pass through the gauntlet of citizen activism that's sent so many other developments into limbo, the project is expected to begin construction in late 2017, with a completion date in 2021.
· Proposed Hollywood Tower Adds Height and Hotel Rooms [Urbanize LA]
· 21-Story Tower Headed for Hollywood Near Capitol Records [Curbed LA]
· Proposed Ballot Measure Seeks to 'Preserve' an Outdated Version of Los Angeles [Curbed LA]