Land Deal Foreshadows Development Project in Hollywood
- Oct 20, 2015
AvalonBay recently acquired a high profile patch of land on Santa Monica Boulevard for a reported $99 million. The acquisition was arranged by a CBRE Capital Markets team consisting of Curtis Palmer, Anthony Muhlstein and Peter Sherman from the company’s Beverly Hills office. The plot of land was purchased from seller Calico and Tinseltown.
Located at 6677 Santa Monica Blvd. in Hollywood, the 5.8-acre land parcel is set to house a new mixed-use development project. AvalonBay is carrying out predevelopment procedures for the site, which it is set to demolish soon. The property’s placement at the corner of Santa Monica Boulevard and Las Palmas Avenue means that the new mixed-use development will offer great proximity to retail, hospitality and entertainment. Furthermore, the nearby Columbia Square is a high-profile employment center that’s continuing to drive young professionals to Hollywood’s core.
AvalonBay’s plan is to build a property that will offer a housing component totaling 695 residential units, as well as a commercial component consisting of 24,900 square feet of retail space. The developer is also set to contribute to the city’s plan to add more low-income housing to its stock, and as a result, 56 of the units will be aimed at those making substantially less than the median income.
Image courtesy of Google Streetview.