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Sunset Olive Project Proposed on Sunset Strip in West Hollywood |
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News from CAJA |
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March 18, 2003 Background: Christopher A. Joseph & Associates prepared technical analyses and is providing peer review services for the Sunset/Olive Mixed-Use Project, which is located in the City of West Hollywood. Lead Agency: City of West Hollywood Project Applicant: Gold Mountain Enterprises Los Angeles Business Journal March 17, 2003 By: Danny King ?A Calabasas developer is proposing a $40 million mixed-use project to wrap around the House of Blues in West Hollywood. Gold Mountain Enterprises LLC has owned the 1.7-acre property, bounded by Sunset Boulevard, Olive Drive and De Longpre Avenue, for three years, and had considered developing a hotel at the site before committing to mixed-use, according to Peter Wenner, its development manager. The company plans to make a formal proposal for 35,000 square feet of retail and office space, 138 apartments and a 600-car garage by mid-summer, Wenner said. He estimated that the project could be completed within two years. The complex would replace an empty retail building just east of the nightclub that used to house Butterfields restaurant, a seven-unit apartment building on the propertyıs south side, and an 80-space parking lot. House of Blues leases four nearby parking lots to keep up with demand for evening shows. The House of Blues would remain part of the project. "(The project) provides the city with a number of solutions in areas they've identified as problems," said Wenner, referring to West Hollywoodıs parking shortage and the areaıs shortage of low- to moderate-income residents. Fewer than 3 percent of West Hollywoodıs apartments were vacant in the fourth quarter, compared with a 5 percent rate countywide. The cityıs $1,300 average rent in the fourth quarter marked a 2.2 percent increase from the year-earlier quarter, according to Novato-based RealFacts. If built, the project would be the second major mixed-use complex to be either developed or redeveloped along a four-block stretch of the south side of Sunset Boulevard. Apollo Real Estate Partners' Sunset Millennium project a block west of House of Blues includes a 105,000-square-foot retail complex that was completed in December and the renovated, 71,000-square-foot former Playboy building. A 380-room hotel and the redevelopment of the Petersen Publishing building site at Sunset and La Cienega boulevards may also be in the works. The project could face stiff opposition from neighborhood groups weary of the traffic generated by House of Blues and Sunset Millennium, and could force a reduction in scale. "I donıt know if they couldıve come up with a worse location," said ouncilman Steve Martin. "The incentive for city council will be the creation of housing and affordable housing." Gold Mountain already has the go-ahead to build what is believed to be the San Fernando Valleyıs first residential-over-retail mixed use project on Ventura Boulevard in Encino." (Excerpt copyright 2003 Los Angeles Business Journal) Link: http//www.labusinessjournal.com |
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