Four months ago, a Chinese real estate firm snatched up a prominent Hollywood development site for $9.5 million. The company is now following through on its plan to build a boutique hotel on the property.
According to a case filing from the Los Angeles Department of City Planning, applicant Hollywood Culture and Investment Corp Inc. (HCIC) is seeking approvals to build a 14-story building at the corner of Hollywood Boulevard and El Centro Avenue. The proposed mid-rise tower would feature 102 guest rooms, 27 condominium residences and approximately 11,500 square feet of ground-floor restaurant space. The applicant has also requested a master conditional use permit for the sale of alcohol on the premises.
The property, which sold for $565 per square foot, is located next-door to the Fonda Theatre, a well-known concert venue that has operated in Hollywood since the mid 1920s. The two phases of the $500-million Blvd 6200 development occupy two former parking lots across the intersection, while a 23-story tower is planned for a parking lot on the other side of the Fonda Theatre.
The project comes on the heels of a similar 14-story hotel from the Dutch chain citizenM, which would rise approximately two blocks west at Hollywood & Vine.
- CPC-2016-3871-VZC-HD-MCUP-SPR (LADCP)
- Hollywood Boulevard Plot Readies for Hotel Transformation (L.A. Business Journal)