Hollywood Building Boom Continues in 2014

From: Hollywood Business Advocate Volume 9 Issue 1 January/February 2014

Hollywood Construction
Surge to Continue in 2014

The Hollywood Chamber anticipates another great year in Hollywood in 2014!

The revitalization of Hollywood will continue in 2014, with several major projects either beginning or being completed. “We believe that 2014 is going to be a great year for progress in Hollywood,” said Chamber President & CEO Leron Gubler. “The first wave of new construction since the Great Recession will be coming on line, and several other major projects will break ground. This will definitely send the message that the revitalization of Hollywood is on track and gathering momentum.”

Emerson College’s stunning new Sunset Blvd. campus will be completed and occupied in the first
quarter of the year. The Morphosis-designed school has already turned a lot of heads with its
cutting-edge design, and will house the West Coast operations of the Boston-based college.
Meanwhile, CIM’s Sunset-Gordon project, across from Emerson, is expected to be completed in July.
The 22-story building will house 300 residential units, 40,000- sq.ft. of office space and
12,000-sq.ft. of retail space, with a half acre park adjacent.

Clarett West’s Boulevard 6200 project, just east of the Pantages Theater is scheduled for
completion in late summer. It includes 535 apartments and 75,000-sq.ft. of retail in what is the
first phase of what will eventually double when a second phase is built opposite on the south side
of Hollywood Blvd.

Construction continues on Kilroy Realty’s Columbia Square Project. While the campus is being built
concurrently, it will open in phases. Phase one, the renovation of the historic 100,000-sq.ft.
CBS Studio will be completed in July. An additional 330,000-sq.ft. of creative office
space will be finished in the fourth quarter of 2015, while a 20-story, luxury residential
tower is slated for completion in the first quarter of 2016.

Walls are going up for the Hollywood Target at Sunset and Western, which is the
community’s first department store since Sears closed a decade ago. The 160,000-
sq.ft. store is expected to hold its grand opening in March of 2015.
Breaking ground this past December was Camden’s long-awaited Hollywood project at 1540 Vine Street.
When completed, it will include 287 housing units and 40,000-sq.ft. of ground floor retail.
Two hotel projects have also announced groundbreakings in 2014.

The current Vagabond Inn at 1133 Vine Street will be replaced by a 112-room,
five-story motel, being proposed by Holivine Investment Co. The developers anticipate a construction start in the first quarter. Also anticipating a first quarter start in construction are Grant
King and Richard Heyman of Hollywood International. Their Dream Hotel at 6417 Selma Avenue, will convert an existing parking garage into a 173-room boutique hotel. They raised
$52-million in EB5 funding to cover construction costs. In addition, there are several other projects in the pipeline. They include Lennar’s 76-unit apartments at 1411 N. Highland, which should break ground
in the first quarter of 2014 and Champion Real Estate’s 248-unit residential project at Highland at Selma.