Tuesday, April 22, 2014

Mixed-Use Camden Hollywood Ready to go Vertical

Blink and you'll miss the departure of yet another Hollywood parking lot.  Located at the the southeast corner of Vine Street and Selma Avenue, this dirt pit is the future site of the Camden Hollywood, a $140 million mixed-use development from the Houston-based Camden Property Trust.  Designed by seemingly ubiquitous TCA Architects, the Camden Hollywood will rise seven stories, containing 287 market rate apartments and just under 40,000 square feet of ground floor commercial space.  Future residents at 1540 Vine Street could easily leave their cars behind, with the Red Line's Hollywood/Vine Station located just one block north.  Although, with a 750-stall garage located underneath the building, it doesn't seem like Camden expects many tenants to make that lifestyle change.  Earlier renderings portrayed Equinox Fitness as the building's ground floor tenant, but it is unclear if the luxury health club chain is still involved with the development.  The current project is noticeably smaller than Camden' original proposal for the site, which would have risen 11 stories and featured a ground floor Whole Foods Market.

As reported earlier this year by the Los Angeles Times, Camden has partnered with Sam Nazarian of SBE Entertainment to provide resort style amenities for future residents.  This means stylish designs for the building's common areas, in addition to SBE-operated venues such as the Colony nightclub and Katsuya restaurant chain.  Another interesting inclusion is an "artists' annex," for the use of painters, sculptors, writers and musicians.  Struggling artists and resort style apartments typically don't go hand-in-hand, especially with rents in the $2,000 - $4,000 range.

Much to the chagrin of Hollywood's ample NIMBY population, the Camden Hollywood is not the only project in the neighborhood pushing dirt right now.  Selma Avenue, once a forgotten back channel in-between Hollywood and Sunset Boulevards, is on the cusp of a building boom.  In addition to Camden's project, prolific local developer Jerry Snyder plans to break ground in September on an eight-story office building just across the street.  Further west, near Cahuenga Boulevard, work recently commenced on the 10-story Dream Hollywood hotel.

Image credit: Camden Property Trust via the Los Angeles Times

No comments:

Post a Comment