A landmarked office building in Hollywood is slated to become affordable housing, at a time when the Los Angeles office market remains well off pre-pandemic levels while apartment supply remains low.
ABS Properties intends to convert the upper floors of the Hollywood Western Building into 79 deed-restricted affordable units, according to Urbanize. The firm will retain 10,000 square feet of ground-floor retail. The project could begin in the coming weeks.
The Art Deco building sits at 5500-5510 Hollywood Boulevard and is also known as the Mayer Building for one of its developers, Metro Goldwyn Mayer.
The building was designed by architect S. Charles Lee. Los Angeles made it a Historic-Cultural Monument in 1988. It was added to the National Register of Historic Places in 2015, the same year ABS Properties bought it. ABS’ Samir Srivastava said the preservation group Hollywood Heritage is involved with the project to help preserve the building’s historic features.
ABS Properties is also developing housing on a neighboring site. Plans call for a seven-story building with 95 units and ground-floor retail space, according to Urbanize.
The area east of the 101 freeway has seen a surge in residential development over the last several years.
Wood Partners bought a still-unfinished 161-unit project about two blocks west for $23 million in mid-2018. Later that year, the firm sold a 280-unit apartment complex next door to the Hollywood Western Building to Vanbarton Group for $148 million.
[Urbanize] — Dennis Lynch