Here’s what the future could hold for The Mountain of Beverly Hills, developer plans 22-story office tower in West Adams: Daily digest

A daily roundup of LA real estate news, deals and more for August 23, 2019

TRD LOS ANGELES /
August 23, 2019 04:00 PM
Every day, The Real Deal rounds up Los Angeles’ biggest real estate news. We update this page at 9 a.m. and 4 p.m. PT. Please send any tips or deals to [email protected]

This page was last updated at 4:00 p.m. PT

What’s next for the Mountain of Beverly Hills? Brokers and industry pros speculate about the 157-acre property’s future, after it sold at foreclosure auction this week for just $100,000. The Hughes Trust, which had been the lender, is the new owner. [TRD]

 
amitaur Constructs founders Laurie and Frederick Samitaur Smith and the development site (credit: Getty Images and Google Earth)
amitaur Constructs founders Laurie and Frederick Samitaur Smith and the development site (credit: Getty Images and Google Earth)

The brains behind (W)rapper Tower now planning an office tower in West Adams. Local firm Samitaur Constructs filed for the 22-story project this week through an LLC. The site at 5860 W. Jefferson Boulevard is about 3 acres, with a large parking lot and a 49,000-square-foot creative office building that’s fully leased to shoemaker Nike. Samitaur still hasn’t built the long-planned, eye-catching (W)rapper Tower in Culver City. [TRD]

 

A pedigreed pad, also in Beverly Hills, lists for nearly $14 million. Built for early film star William Powell, the 7,150-square-foot Villa Delgado is now on the market. Its long list of owners include television host Merv Griffin, plus actor George Hamilton and Guess co-founder Paul Marciano. [LAT]

 
From left: Lewis Frankfort of Flywheel Sports, Bruce Dunlevie of Benchmark, Ronald Fisher of Softbank, Mark Schwartz of Softbank, and John Zhao of Hony Capital (Credit: Stanford University; Softbank; Getty Images)

Meet WeWork’s board of directors. The company revealed the identity of the directors ahead of their parent the We Company’s anticipated public offering. TRD rounded up what you need to know about all six members. [TRD]

 

“A Star is Born” writer Eric Roth finds Santa Monica home. The Hollywood hotshot, who also worked on “Forrest Gump” and “The Curious Case of Benjamin Button,” paid $4.4 million for a 3,400-square-foot Traditional-style pad. Roth also owns a much larger home in Malibu, which is on the market for $14 million. [Variety]

 

The Related Companies’ Stephen Ross resigned from the National Football League’s social justice committee this week. The developer cited Trump’s remarks calling protests against police violence started by Colin Kaepernick in 2016 “unpatriotic.” The Hudson Yards developer received significant pushback for hosting a Trump fundraiser earlier this month. [Yahoo]

 

Retail suffered losses ahead of the coming tariffs on Chinese goods. Big retailers’ second quarterly earnings reports highlight new strategies to stay afloat amid e-commerce and the war on brick and mortar. [TRD]

 

Ex-members of Trump National Doral have been waiting to inch forward on the refund list at the Doral golf course and resort — and they may have to wait decades more. To move up on the list by one spot, four new members need to join the golf club, and the list is more than 265 people long, according to the Miami Herald. Few members have joined between December 2017 and January 2019. One member said that he moved up by two spots, which means only eight members had joined in that period of time. [TRD]

 

Beverly Hills real estate agent charged with burglarizing celebrity homes. Between late 2016 and mid-2018, Keller Williams agent Jason Emil Yaselli directed his accomplice, Benjamin Eitan Ackerman, to burglarize more than a dozen homes of celebrities, many during open house events, authorities say. Victims include musicians Usher and Adam Lambert, former NFL player Shaun Phillips, and “The Real Housewives of Beverly Hills” stars Paul and Dorit Kemsley. [CNN]

 
 
Governor Gavin Newsom (Credit: Gage Skidmore)
Governor Gavin Newsom (Credit: Gage Skidmore)

Gov. Gavin Newsom wants SoCal cities to plan for 1.3 million new homes. The state is pressuring local jurisdictions to zone and allow for more than a million new homes over the next decade. Lawmakers in jurisdictions across Southern California recently announced that they would collectively plan for just 430,000 homes through 2029. [LAT]

 

Pasadena tech office trades for $30 million. Graymark Capital Inc. and Eightfold Real Estate Capital purchased the 219,000-square-foot Eaton Canyon Tech Center with plans to renovate interiors and exteriors. The property is 58 percent leased. [LABJ]

 

Witkoff Group breaks ground in Santa Monica. With construction funds in hand, Steven Witkoff is wasting no time getting to work on a 249-unit project at 500 Broadway, one of the largest multifamily projects in the oceanside city. Witkoff recently secured $31 million in mezzanine construction financing for the project.. [Urbanize]

 
Holland Partner Group's Clyde Holland and Taix Restaurant (Credit: Google Maps)
Holland Partner Group’s Clyde Holland and Taix Restaurant (Credit: Google Maps)

Holland Partners Group to replace Taix restaurant with apartments. The firm has acquired the site of the Taix, a French restaurant in Echo Park, and plans to demolish it and build a 170-unit complex with 13,000 square feet of ground floor retail. Holland will build a smaller version of the restaurant on the site, which has been its home since 1961. Taix first opened in 1927 in Downtown L.A. [TRD]

 

Industrialist and billionaire David Koch dies at 79. Koch, who backed conservative politics, had a net worth of $50.5 billion, and donated more than $1.3 billion to charity. Most recently, he dropped more than $40 million on a Manhattan townhouse and also had homes in Aspen, Palm Beach and Southampton. [TRD]

 

Here’s how brokers get listings from the Justice Department. In the case of Jeffrey Epstein’s properties in New York, Palm Beach, and elsewhere, the government contracted with Colliers International, which will then choose listing agents. [TRD]

 

Keller Williams Midtown is paring down its expenses in the latest sign of a difficult market. An internal email shared with TRD revealed that the franchise of the Austin-based brokerage is relocating from its current 29,000-square-foot office space on 1155 Avenue of the Americas to a WeWork at 575 Fifth Avenue. [TRD]

 

FROM THE CITY’S RECORDS:

A developer filed for a 36-unit TOC project in Rampart Village. The five-story project would rise at 154 S. Occidental Boulevard. The building would have a rooftop deck. [LADCP]

A 22-story commercial project is in the works in West Adams. An entity filed for the unusually tall commercial building on Thursday. It would rise at 5850 W. Jefferson Avenue, a property owned by Samitaur Constructs. Shoemaker Nike signed a lease for an office there and earlier this year sued Samitaur for failing to deliver the space on time. [LADCP]


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