When the Martin family first proposed a public-transit-oriented megaproject on the site of their West L.A. Cadillac dealership, some thought it ironic. Were the purveyors of Escalades — who have owned the showroom at 12101 W. Olympic Boulevard for over four decades — really embracing walkability as a mantra?
But recent marketing materials from Eastdil Secured reviewed by The Real Deal show that not only are the Martins serious about the project, they’re looking for someone to ride shotgun.
The Martins are seeking a co-developer or partner to buy a 49 percent stake in the 807,200-square-foot development, the materials show. Some industry sources said the site will more likely sell outright, for a price that could top $200 million, but that could not be confirmed. Hudson Pacific Properties, Boston Properties and Kilroy Realty are all rumored to be circling the site. None of those firms could be reached, nor could Dan Martin of Martin Automotive Group or Eastdil.
In September 2016, after a four-year battle, the Martin family secured entitlements for the 4.6-acre site, which sits one block away from the Expo Line’s Expo/Bundy station. The proposal for the project, to be designed by Gensler, includes 619 apartment units, about a 100 of them designated affordable, as well as 150,000 square feet of creative office space and about 100,000 square feet of retail space.
Construction is slated to begin in 2018 and finish in 2021, according to the marketing materials.
The site sits next to Kilroy’s Westside Media Center, the home of Riot Games. The area has seen significant development interest in recent years. CIM Group has recently proposed a 154-unit mixed use development in West L.A., at Santa Monica Boulevard, between Stoner and Granville Avenues. Alan Casden’s Casden West L.A. development recently broke ground at Pico and Sepulveda Boulevards. It includes 595 apartments and 15,o00 square feet of retail.