Family investment firm M Capital Partners, led by Albert and Jacques Massachi, is developing an 89-unit, luxury rental apartment complex dubbed “The Lombardi” adjacent to its popular event venue space “Lombardi House,” The Real Deal has learned. The Lombardi House is located at 1717 Bronson Avenue, on the corner of Hollywood Boulevard and Bronson Avenue.
The Victorian-style mid-rise development, designed by Steinberg Architects, would have studio and one-bedroom apartments between 580 to 800 square feet, as well as two-bedroom units averaging 1,128 square feet. The developer plans to offer two-story penthouse suites on the top floor, each equipped with a private sky deck overlooking Hollywood.
Studios will command rents starting at $3,200 per month. One-bedroom units will start at $4,100, and the penthouse units will ask upwards of $6,700 a month, according to a representative. There will be no affordable housing component.
Amenities at the Lombardi will include a clubhouse, gym, communal event spaces, swimming pool with lounge area and security desk on-site.
M Capital Partners acquired the three parcels, one of which is used as the Lombardi House, between 2005 to 2010 under the entity “Pristine Properties LLC.” The firm paid roughly $5 million for the 39,000-square-foot site, or $130 per square foot, in 2006, records show.
The Lombardi House — a former single-family home once owned by United States Senator Cornelius Cole, Hollywood Board Trade founder J.C. Newitt, and later Vaudeville musician couple Philip and Silvia Lombardi — is a fully-restored farmhouse with four guest suites accommodating up to 28 guests. The 7,000-square-foot historic site is commonly used for weddings and receptions, and has hosted events for notable companies including Netflix and Google.
The Lombardi House will be closed for the duration of the 22 months of construction. It will include an additional ballroom that connects to the residential component on the property once complete.
The Massachi family is also working on developing a live concert hall ampitheater on Vermont and Santa Monica, as well as a 13-story, 90-unit industrial loft living rental building on the corner of Santa Monica and Orange. It is planning on opening a new event space near the Lombardi House to serve its clients while the project is underway.
Hollywood has been welcoming new development to the revitalizing area for quite some time now. The bustling area home to streaming giant, Netflix, has caught the eye of massive developers, such as CIM Group and Harridge Development Group, looking to get a piece of the growing pie.