Hillcrest Company taps CBRE to lease mixed-use redevelopment in Arts District

Los Angeles /
May.May 12, 2017 04:00 PM

Several years after finalizing entitlements for a mixed-use project containing 57 live/work lofts, Hillcrest Company has begun its redevelopment of a roughly 100,000-square-foot building in the Arts District.

The father-and-son company, led by Fred and Ryan Afari, acquired the 1921-built building in 2013 for $6.5 million from Yuval Bar-Zemer’s Linear City, records show. Construction began this week, and is expected to be completed within 12 months, Ryan Afari told The Real Deal.

Hillcrest will determine what exact percentage of the property at 1745 E. 7th Street is dedicated to retail, creative office and lofts based on leasing activity over the next few months, he said.

Hillcrest tapped John Zanetos and Andrew Turf of CBRE to lease the office and retail portions, respectively.

Hillcrest plans to make some major changes to the building — the former headquarters and distribution space of the California Walnut Grower’s Association. It will buildout two rooftop decks, expose interior brick, open floorplates, add underground parking and create balconies, Afari said.

The property could be surrounded by new developments, if all planned projects work there way through the city and an increasingly challenging lending climate

The north side of Hillcrest’s redevelopment faces the lot where AvalonBay is planning to build 475 live/work units and a 1,000-vehicle parking structure. Its frontage on Mill Street is near SunCal’s site, where the developer is planning a massive 1,736-unit project with two hotel towers and a school.

Hillcrest also has a 122-unit ground-up development in the pipeline across the street at 1800 E. 7th Street.

The news that construction commenced was first reported by Curbed

 

Related Articles

arrow_forward_ios
Rendering of the project (NMDA for CIM Group)
CIM drops residential units at proposed West Hollywood hotel
CIM drops residential units at proposed West Hollywood hotel
Renderings of One Beverly Hills and Beny Alagem. (One Beverly Hills, Getty)
Beny Alagem’s $2B Beverly Hills project gets go-ahead
Beny Alagem’s $2B Beverly Hills project gets go-ahead
The San Pedro Fish Market is one of the top-grossing restaurants in the U.S. (Getty, Facebook via San Pedro Fish Market and Restaurant / Photo Illustration by Alison Bushor for The Real Deal)
San Pedro Fish Market plans new “supersize” restaurant
San Pedro Fish Market plans new “supersize” restaurant
The Chateau Marmont (Getty) and protest signs (Unite Here Local 11)
Chateau Marmont workers say iconic West Hollywood hotel misused rescue funds
Chateau Marmont workers say iconic West Hollywood hotel misused rescue funds
Small Business Administration administrator Isabel Guzman (Getty, iStock)
Starved for relief: Restaurants seek $76B, far more than budgeted
Starved for relief: Restaurants seek $76B, far more than budgeted
Goodman CEO Greg Goodman and a rendering of the facility. (Goodman)
Goodman’s massive logistics center will target e-commerce tenants
Goodman’s massive logistics center will target e-commerce tenants
500 S. Santa Fe Avenue (CEB Construction)
SteelWave buys Arts District office campus for $80M
SteelWave buys Arts District office campus for $80M
California is waiting to adopt the CDC maskless decision. (Getty)
California still says mask up at office, for now
California still says mask up at office, for now
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...