Plans to redevelop a parking lot near the Hollywood Walk of Fame with affordable housing are now coming to fruition.
Three months after securing more than $44 million in bond financing through the City of Los Angeles, developer Thomas Safran & Associates has broken ground on the Hollywood Arts Collective. The project, located just south of Hollywood Boulevard between Wilcox Avenue and Schrader Boulevard, will consist of a seven-story building containing 152 apartments and 6,586 square feet of ground-floor retail space above a two-level subterranean garage.
Per a report from the Los Angeles City Administrator's Office, the apartments at the Arts Collective will come in a mix of studio, one-, two-, and three-bedroom floor plans, reserved for households earning at or below 50, 60, and 80 percent of the area median income. Rents at the property, according to an application for bond funding, could range from $518 to $2,110 per month.
Withee Malcolm Architects is the designing the nearly $82-million development, which will face Wilcox and Schrader with a grid-patterned facade. The podium-type complex will incorporate a slew of on-site amenities, including a courtyard and a swimming pool.
As part of the project, Thomas Safran & Associates will build between 129 and 149 vehicle stalls in the subterranean garage, according to the City Administrator's report. The parking would partially replace the spaces lost through the redevelopment of the surface lot.
Plans for the Hollywood Arts Collective date to 2014, when the City of Los Angeles issued a request for proposals seeking developers interested in building a project which would include multifamily housing and replacement parking. Thomas Safran & Associates was selected as the developer of the project in 2016.
The Arts Collective will rise less than a block north of the intersection of Selma Avenue, a side street on which Hollywood-based real estate investment firm Relevant Group has built a series of new hotels. The property also sits west across Wilcox Avenue from the future site of a 15-story apartment tower planned by the LeFrak organization.
Thomas Safran & Associates, the developer of the Arts Collective, is also planning additional below market-rate housing elsewhere in Hollywood - specifically a new apartment building for low-income seniors next to The Montecito.
- Hollywood Arts Collective (Urbanize LA)
Looking for affordable housing? Visit lahousing.lacity.org/aahr