LeFrak, Kennedy Wilson Seeking Approval for Planned Hollywood Development
- Aug 25, 2014
Los Angeles—Developers LeFrak and Kennedy Wilson have announced plans for a 410-unit mixed-use high-rise development at the corner of Hollywood Boulevard and La Brea Avenue in Los Angeles.
The proposed $150 million development, Horizon Hollywood, would replace a 1950s-era church and still needs approval from city officials before construction can begin, according to a recent report in the Los Angeles Times.
“Horizon Hollywood will create a new gateway to Hollywood,” says Richard LeFrak, chairman and CEO of LeFrak. “LeFrak is committed to Hollywood and its continued successs, and Horizon Hollywood will be an exciting addition to Hollywood’s urban environment.”
Pending city approval, the developers would aim to break ground on the project in 2016 with an estimated construction time of about 24 months. Once completed, the development will include the rental component as well as 10,000 square feet of shops and restaurants, a 9,300-square-foot public plaza and on-site parking. LeFrak purchased the property from Fifth Church of Christ Scientists officials in 2008.
Private resident amenities will include an outdoor pool, roof decks, a gym, conference center, media room, business center and private balconies, according to the project’s website.
The project’s design incorporates floor-to-ceiling windows that allow for views of the Hollywood Hills and Los Angeles cityscape, while the public plaza will include decorative art benches, creative lighting, upgraded paving materials and café-style seating.
“Horizon Hollywood combines residential, retail and public space—all in a way that enhances the neighborhood,” says William J. McMorrow, chairman and CEO of Kennedy Wilson. “Kennedy Wilson is proud to be partners with LeFrak as we invest directly in Hollywood’s future.”
The project will also take aim at United States Green Building Council’s LEED certification by incorporating drought tolerant landscaping, green rooftops, energy-saving technologies and water conservation systems. Developers are planning to build to a minimum of LEED Silver standards.
The development’s 2-acre site is located near the Metro Red Line subway station at Hollywood and Highland and once complete, the community will offer bike-friendly amenities, such as storage, to encourage car-less commuting.
The developers estimate that the new project will create about 1,300 new construction-related jobs and 200 full-time jobs once it is complete. Additional estimates predict that completed project will generate more than $2 million in annual tax revenue for Los Angeles, as well as $240 million in construction-related economic output and more than $27 million in ongoing economic output.