Is finding parking at the movies in Hollywood about to get more difficult? The Real Deal reports that the 1,700-space parking garage adjacent to the Cinerama Dome and ArcLight movie theaters on Sunset Boulevard has sold for $50.2 million. The buyer, Robertson Properties Group, is owned by the company that owns Pacific Theatres and ArcLight Cinemas—the Decurion Corporation.
Robertson Properties "owns and manages over 5 million square feet of retail commercial properties in California, Hawaii, and the Pacific Northwest," says TRD.
It’s not clear what plans the new owners of the 602,382-square-foot parking structure have for the site, but if they were to demolish the parking garage and put up something else, it wouldn’t be too surprising. The seemingly unstoppable flurry of redevelopment in the surrounding area has already touched the Jack in the Box across the street from the theater: The property is slated to give way to an Art Deco-inspired hotel. (The burger franchise’s lease runs out in 2019.)
And the Amoeba Records building—just a block west of the theater complex—may eventually be in the crosshairs, too. In September, developers filed plans to put a big mixed-use building on the site. (Amoeba has said its lease is good for "several years"and that it' would find a new location if the old one is razed.)
- Parking facility next to Hollywood’s Cinerama Dome sells for $50M [TRD]
- Hollywood Jack in the Box to Make Way for Art Deco-Inspired Hotel [Curbed LA]
- A developer just filed plans to replace Amoeba Music with big mixed-user [Curbed LA]