In the shadow of a $450 million office development anchored by Netflix, developer Patrick Tooley has unveiled plans for a 198-unit mixed-use project.
Tooley’s Hollywood development site, which is located on the east side of Vine Street between Leland Way and De Longpre Avenue, is currently home to a 6,000-square foot, single-story building leased to K&L Wine Merchants. The retail building, built in 1948, will be razed to make way for the new building.
Tooley, the managing director of Tooley Interests, was not immediately available to comment on the project.
But public records show that Tooley wants to build a 197,000-square-foot mixed-use building at 1400 N. Vine St., with 198 apartments above a 16,000-square-foot floor of retail space. Filings also show plans for 278 parking spots.
The Los Angeles Planning Commission would need to approve the project.
Tooley, through an LLC, picked up the property in July 2016 for $12.2 million.
The Tooley project is at the center of a development craze in Hollywood, and a few blocks south of the Hollywood Bowl and Cahuenga Boulevard.
Tooley’s proposed project is located across the street from ArcLight Cinemas along Sunset Boulevard, and a Netflix-anchored office and complex being built by Kilroy Realty. The streaming video company leased all 355,000 square feet in Kilroy Realty’s Academy on Vine project at 1341 N. Vine St., in Hollywood, where its long-term lease will start in phases in mid-2020, depending upon construction completion. Project costs have been estimated at $450 million.
The Canadian-based Omni Group is also planning a 21-story apartment tower at 1360 N. Vine St., located across the street from the proposed Tooley structure.