An empty office building a block south of Sunset at Western is in the works to become a mixed-user with 254 apartments under a partnership between a Chinese corporation known for their massive projects there and an LA-based developer. Looks like Chinese cash for development is spreading its wings, moving beyond high-end Beverly Hills condos and flashy megaprojects in South Park into the heart of Hollywood. The LA Times reports that the six-story project will include residential and retail space.
The former site of Deluxe Laboratories—a firm specializing in post-production services that moved out last year—sits on the east side of Western, on a block between De Longpre and Fernwood. The four-acre site holds a parking lot and an empty three-story office space, says the LAT.
The plan, from China's Gemdale Corporation and local LaTerra Development, is to put the new apartments and a parking garage on the current parking lot, while retaining and refurbishing the office building, which will be rented out once the project is complete. What's this place going to rent for? Developers are hoping that they can snag lots of "young workers by keeping units small enough to be affordable to renters who can pay about $2,000 a month."
The project has more units than would normally be ok for the site, but developers are hoping they can get it approved by reserving 21 apartments for very-low-income renters. If all goes according to plan, construction will start on part of the project before the year's end, and have the whole thing finished by 2018.
· Big Chinese developer plans apartment-and-retail complex in Hollywood [LAT]
· Beverly Hills Richard Meier Project Making Major Changes [Curbed LA]