Sares Regis plans apartments, ground floor retail in Hollywood
Newport Beach-based developer would include 23 affordable units at Sunset & Vine
A seven-story tower proposed at Sunset Boulevard and Vine Street in Hollywood would feature apartments over curbside shops and restaurants.
Plans for the famed Hollywood intersection call for 153 apartments, 13,000 square feet of ground-floor retail space and parking for 210 cars, according to Urbanize Los Angeles.
Newport Beach developer Sares-Regis Group filed a proposal to replace a collection of small commercial and residential properties at 6336 Sunset Blvd. with the proposed seven-story structure.
The apartments would be set back from Sunset to accomodate a rooftop pool and a garden deck above existing stores.
Downtown Los Angeles-based TCA Architects has designed the project, which would wrap around an existing 19-story tower at Sunset and Vine.
Sares-Regis, a real estate development and investment firm founded in 1993, submitted its Hollywood proposal last month with the L.A. Department of City Planning.
The developer seeks a zoning variance to build a larger structure in exchange for 23 affordable apartments for residents who earn “very low income,” or $59,100 a year for a family of four in L.A. County.
The company is also behind a mixed-used development at a former mall in Marina del Rey. A proposed 700 apartments was scaled back to 425 units after opposition from the city.
Mixed-use development has been trending in Hollywood, with apartment projects by the Hanover Company, CIM Group and a third project planned by Tooley Interests.
Essex Property Trust built a 200-unit complex on Sunset Boulevard. Mill Creek Residential has a 276-unit Modera Argyle project expected to be completed in 2024.
[Urbanize Los Angeles] – Dana Bartholomew