The apartment development site is located at 4900 Hollywood Blvd., (where Sunset Blvd. and Hollywood Blvd. merge and at entry to the highly sought after, higher income, residential community of Los Feliz), which is across the street from LaTerra Select Los Feliz. The property is fully entitled and will contain 150 units and approximately 13,800 square feet of retail. LaTerra believes there will be construction and operational efficiencies of having two properties next to each other.
Los Feliz is one of the most trendy and hip submarkets in Los Angeles. The property is within walking distance to numerous restaurants and bars, and is contiguous to Barnsdall Art Park, a Frank Lloyd Wright house on a hill with spectacular views to Griffith Observatory and the Hollywood sign. The site is one block away from a large medical center hub, where 15,000 people work, as well as only an 800-yard walk to the Sunset/Vermont metro station and a 15-minute drive to downtown. The Los Feliz Elementary school is 1 block away from the site and has a 793 API score, the Los Feliz Charter School for the Arts has a 835 API score. These scores are impressively strong and are important to prospective community residents. Overall, Los Feliz is densely populated by high income millennials and trendy entertainment and media professionals (with a unique “cool factor”).
Source: LaTerra Development, LLC