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The Real Deal Los Angeles

Jerry Snyder now wants a residential tower in Miracle Mile

The 285-unit building would replace plans for an office property
March 06, 2018 02:00PM

Property at 5757 Wilshire Boulevard, with Jerry Snyder (Getty/Wikimedia Commons)

It’s not every day that a developer decides to switch a project from office to residential.

But that’s now the case in Miracle Mile, where Jerry Snyder is seeking a residential tower at the Museum Square campus. Three years ago, he won approval from the city for an office building there, at 5757 Wilshire Boulevard.

The new proposal calls for a 21-story, 285-unit complex with two levels of underground parking, according to Urbanize.

In 2015, Snyder’s office project at that location received entitlements for the construction of a 12-story office tower and a parking structure expansion to allow for 2,100 additional cars.

The new request to change to residential was filed with the Department of City Planning on Monday. The filing does not specify whether the building will be rentals or condos.

Snyder’s Museum Square has an 11-story, 530,00-square-foot building with 28,000 square feet of retail, according to Snyder’s website. The Screen Actors Guild had been in the building since the 1990s, and in 2015, it was renamed SAG-AFTRA Plaza.

Next to the planned residential building, NMS Properties’ Wilshire & La Jolla Tower, at 6401 Wilshire Boulevard, is expected to rise 15 stories and have 112 units and 5,100 square feet of retail.

Some of Snyder’s other recent projects include Hollywood 959 and 1601 Vine Street, both in Hollywood.

The Hollywood 959 property has office, production, post-production and editing facilities in two buildings. Bold Films, known for co-producing “Nightcrawler,” signed a deal to occupy 14,000 square feet.

Formosa Group, a sound company that has worked on shows such as “Game of Thrones,” also signed a lease for 30,000 square feet.

The 1601 Vine Street property is an eight-story office building with ground floor retail. [Urbanize] — Hannah Madans