Developer Seeks To Build Mixed-Use Project in Los Angeles Neighborhood
By Jack Witthaus CoStar News June 8, 2022 | 10:37 A.M.
Hundreds of apartments and thousands of square feet of commercial space are in the works along Los Angeles' iconic Hollywood Boulevard.
It's yet another sign that the tourism destination, long known for its celebrity bus tours, red-carpet premieres and the Hollywood Walk of Fame, has transformed in recent years as city and business officials look to attract residents to the area.
An entity related to L.A. real estate investment group R.W. Selby & Co. wants to build roughly 633 apartments and more than 100,000 square feet of retail, restaurant and office space on multiple parcels near Las Palmas Avenue and Hollywood Boulevard, according to city documents. The project calls for four existing buildings to remain and four to be built.
The company previously proposed building 202 apartments at 1601-1647 N. Las Palmas Ave., a property that's also part of these updated redevelopment plans, according to CoStar data. Hollywood Boulevard Poised for Reboot as Production Ramps Up, Tourists Begin To Return Hollywood has about 1,800 multifamily units under construction, or about 6% of the area's total apartment construction, according to CoStar data. Roughly 8 in 10 households are renters in Hollywood, and nearby employers such ViacomCBS and streaming giant Netflix drive demand for housing in the market, according to CoStar data.
L.A. government and business leaders are attempting to revive Hollywood Boulevard into a mix of restaurants, entertainment and office to attract more residents and tourists to the area. Proposed improvements include removing traffic lanes and adding space for alfresco dining, bike lanes and wider sidewalks.
Some projects are already under construction. Near the proposed Hollywood Boulevard apartments, Netflix is restoring the historic Egyptian Theatre in a project expected to be completed later this year. A rendering of a proposed apartment building, part of R.W. Selby & Co.'s larger mixed-use plans. (City of Los Angeles) The Hollywood apartment market features a 5.5% vacancy rate, higher than the greater Los Angeles average of 3.4%, according to CoStar data. The market's average asking rent is $2,346, slightly higher than the greater L.A. average of $2,160.
An R.W. Selby & Co. representative did not respond to a request to comment from CoStar News. The company owns roughly 2,700 apartment units in greater Los Angeles, according to CoStar data. R.W. Selby & Co. has bought more than 7,000 apartment units since it was founded in 1975.