entitled apartment development … opportunity to build an entitled mixed-use project for 120 ......
TRANSCRIPT
ENTITLEDAPARTMENT DEVELOPMENT OPPORTUNITY
120 UNITS OVER ±6,000 SF OF RETAIL
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5555 HOLLYWOOD BOULEVARDTeam Lustig-Bower is pleased to present 5555 Hollywood Boulevard, a unique opportunity to build an entitled mixed-use project for 120 apartment units over ±6,000 square feet of retail space in Hollywood – one of the most desirable urban redevelopment markets in Southern California, if not the nation. 5555 Hollywood Boulevard is ±1.1 acres of vacant land at the northwest corner of Hollywood Boulevard and Garfield Place. The site boasts excellent access to the 101 Freeway, Downtown Los Angeles, Los Feliz as well as exciting Hollywood business and recreational locales.
Price: MarketAPNs: 5544-003-001, 002, 003, 004Number of Units: 120 Apartments*Construction: Type III (Modified) – Four levels of living
space over one level of retail space and one level of subterranean parking in a courtyard style building.
ConstructionDocument Status: Parking Structure is 90% complete and
Residential is 50% complete.Building & Safety PlanCheck Status: Plan check approvals for Early Start Permit
are nearing completion. Plans have been submitted for Complete Building plan check.
Land Area: ±47,500 SFEst. Net Rentable SF: ±103,000 Residential
±6,000 Retail ±109,000 TotalAvg. Unit Size: ±850 SFParking Stalls: ±190 Unit Mix: Studios 38
1 Bedrooms 262 Bedrooms 56
Total 120**Zoning: R3-1, [Q]R5-2Specific Plan Overlay: Vermont Western Station Neighborhood
Area PlanDistrict Councilman: Tom LaBonge* Vested tentative tract map approved for 90 condominium units. Tract
map is being modified for 120 units.
** Includes 9 Very Low Income units per SB-1818 (32.5% bonus density).
PRELIMINARY DUE DILIGENCE INFORMATIONPlease call Team Lustig-Bower and submit a confidentiality agreement to obtain a copy of the preliminary due diligence information. The below documents are included on the preliminary due diligence disc:• Vested Tentative Tract Map Approval• Phase I & II• ALTA Survey• Geotechnical Report and Approval Letter• Environmental Impact Report• Traffic Impact Report• Building & Safety Early Start Permit Application - Construction
documents for parking structure are approximately 90% complete. Early start plan check for parking structure close to final approval.
• Conceptual Architectural Drawings
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DEMOGRAPHIC HIGHLIGHTSWithin a one mile radius of 5555 Hollywood Boulevard the population is expected to grow by 4.2% from 2007 to 2012, and the estimated average housing value in 2007 was $828,675. The average daily traffic volume at the intersection of Western Avenue heading east on Hollywood Boulevard is 33,025 (as of 7/30/2007).
Source: Claritas & City of Los Angeles Department of Traffic Records
AERIAL MAP1) Capital Records2) Palihouse Hollywood3) Equitable Condo Conversion4) Pantages Theatre5) Broadway Condo Conversion6) W-Hotel (Hollywood & Vine)7) Blvd 6200 Clarett (Mixed Use Dev.)8) L.A Film School9) Sunset & Vine (Mixed Use Project)10) The Dome Ent. Center/Archlight Theatres11) Acad.of Motion Pic. Arts & Sci. Museum12) Academy of Motion Pictures Arts & Science13) Camden Mixed Use Dev./Whole Foods14) House of Blues-HQ Office Bldg15) Sunset Vine Tower16) Hollywood Palladium17) CBS Studios (site of planned highrise resid.)18) Earl Carrol Apartments19) Sunset Gower Studios20) Gerding Edlen21) Metropolitan Hotel Site22) Tribune Califonia Properties23) LA Unified School District24) LA Unified School District25) Home Depot26) Tauset (proposed)27) Assistance League of Southern CA28) Deluxe Laboratories29) Sunset/St. Andrews30) Orchard Supply Hardware31) Walgreen’s & Verizon Wireless32) Food 4 Less/McDonalds33) CIM/Olson34) Hollywood Passage35) Metro Hollywood36) Hollywest Promenade37) Hollywood Serrano38) Kaisers Foundations Hospitals39) Barnsdall Park-LA City40) Barnsdall Square41) Children’s HospitalM Metro
Ralph’s Grocery StoreStarbucks CoffeeJamba JuiceColdstone CreameryUS BankQuizno’s SubsBlockbusterAaron Brothers
Shoe PavilionRossWells FargoChinatown ExpressT-MobileThe UPS StoreGNCMail Boxes Etc.
HOLLYWEST PROMENADE – #36 ABOVE(Hollywood Boulevard at Western Avenue)
5555 HOLLYWOOD BOULEVARDRent Comparables for Hollywood and the Surrounding Area - April 2008*
©2008, CB Richard Ellis, Inc. We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent current or future performance of the property. You and your tax and legal advisors should conduct your own investigation of the property and transaction.
For More Information, Contact:
Team Lustig-Bower310-550-2600
CB Richard Ellis • 1840 Century Park East • Suite 700 • Los Angeles, California 90067-2108
Please call us for the preliminary due diligence information.
Douglas [email protected]
Laurie [email protected]
Kadie [email protected]
*The information in the above rent survey has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.