Crescent Heights’ new high-rise on the border of Beverly Hills and Century City is about to push the limits of high-priced rentals.
Rents are the building will start at $8,500 a month and go up to $25,000 a month for the top-floor penthouses, the developer told The Real Deal. That’s close to four times the average apartment rent in the L.A. area, according to rental data site RentJungle. As of February, the average apartment rent within 10 miles of L.A. was $2,094, according to the site.
Few projects in L.A. rent as high as Ten Thousand. Developer Rick Caruso’s West L.A. property at 8500 Burton Way is an extreme exception. There, a 1,200-square-foot, one-bedroom apartment rents for about $12,000 a month. The most expensive apartment in the building rents for $40,000.
The units at Ten Thousand, which comprise exclusively two- and three-bedroom residences, are slated to hit the market later this summer. Construction will be completed by September, said Crescent’s regional manager Roman Speron.
The 40-story development, at 10000 Santa Monica Blvd., is one in a handful of new projects pitching high-rise living with over-the-top hotel amenities to moneyed Angelenos who might otherwise have chosen to live in a lavish single-family home. It sits on what was once considered one of the most valuable development sites in all of L.A. County. It was formerly home to Jimmy’s, an iconic restaurant considered the Craig’s of its day, where celebrities and politicians were often spotted dining.
Crescent Heights bought the land in late 2010 for at a massively discounted price of $59 million after a previous sponsor, SunCal Cos, filed for Chapter 11 bankruptcy protection.
The development, designed by Handel Architects, has 75,000 square feet of amenities, including a 75-foot lap pool with underwater speakers, a poolside sauna, a fitness center by guru Jay Wright, private training rooms, a game room, boardrooms with video conferencing, an onsite garage, a pet spa, a tennis court, a kid’s studio designed by HGTV’s Robert and Cortney Novogratz and a private screening room.
It “speaks to the way people want to live today; without the hassles of home or condo ownership, but with all the freedom and convenience of leasing while enjoying more amenities and services than either a home or traditional condo could ever provide,” Crescent principal Bruce Menin told TRD in a statement.