Photo courtesy of Ken Lubas / Los Angeles Times
There was an article yesterday in the LA Times about another purchase of prime real estate in Hollywood, where the developer is planning a large mixed-use project. According to the times article, "Champion Real Estate Co. bought the paved 1.1-acre site behind the Hollywood Boulevard restaurant (Musso & Frank Grill) and between Cherokee and Las Palmas avenues from Common Fund. The price was not disclosed, but Hollywood real estate experts familiar with the property valued it at nearly $10 million." They are planning on creating a $50 Million dollar complex that would include residential, retail, and possibly a hotel. This is in addition to their purchase last year of a nearby Hollywood site that's over 2 acres. Among other ongoing development projects, there is currently a new mixed-use project being created on Sunset Blvd and Bronson by the mighty CIM Group, who has been at the forefront of the development in Hollywood with their groundbreaking Hollywood & Highland shopping complex.
The president of the Champion company sums up the development in the area nicely by stating, “We really love Hollywood,” President Robert Champion said “The city has designated Hollywood to be an urban location and we think, long term, a mixed-use project there will be a home run.”
For those of you that don't have the ability to buy or develop an entire building, but would like to invest in the growth in Hollywood, which is surely going to continue to boom; I have a loft at Hollywood & Vine for sale. Get in on the action and grab a piece of the growth!
If you would like to visit this uber chic loft in person, please feel free to contact us anytime @ 310.600.9172 or email eric@smilayproperties.com.
