Newly approved Sunset Boulevard megaproject up for sale

Weeks after gaining city approval, the developers behind one of Central L.A.’s biggest projects in waiting have put it on the market.

The project, known as 1111 Sunset Boulevard, is located in Echo Park near both Dodger Stadium and Chinatown. It would represent one of the most significant developments in that part of Central L.A. in years, potentially bringing the neighborhood its first skyscraper. Additional plans for the complex — which has been compared to the sleek mixed-use megaprojects of Century City — call for two more high-rise apartment towers, smaller residential buildings, nearly 100,000 square feet of retail space, a James Corners-designed outdoor area and a possible hotel.

“1111 Sunset Boulevard,” the listing states, “is a once-in-a-lifetime opportunity to purchase 6.19 acres of entitled land on world renowned Sunset Boulevard.” It adds that “the project is majestically set on a hilltop above downtown Los Angeles and will feature unobstructed views” of Downtown L.A.’s skyline.

The commercial brokerage Berkadia has the listing, which appeared on the platform Loopnet last month. Adrienne Barr and Jeff Pion, the listing agents, declined to comment, citing a confidentiality agreement. Through a representative, the developers, Palisades Capital Partners, did not respond to an interview request.

The project was listed for sale “unpriced”; in addition to the entitled 6.2 acres on Sunset, it also offers a 1.5-acre plot across the street. The listing emphasizes the recent entitlements, which can be notoriously difficult to acquire in L.A. and significantly raise the value of the property. Palisades also did not respond to a question about an estimated price goal for the project.

It’s unclear exactly what impact a potential sale would have on the megaproject’s future or its construction timeline. The developers have previously floated a 2028 completion date.

“We see this project as a community hub,” Caroline Riley, a representative of the developer, told the local news site The Eastsider earlier this summer.

For four decades, beginning in the 1960s, the property served as the headquarters of the Metropolitan Water District, which sold it to a Korean church. Palisades Capital bought the property through an LLC for nearly $30 million in 2015, according to records, and has taken on multiple rounds of financing.

The cost of the project has previously been estimated at $600 million.

The L.A. City Council unanimously approved the megaproject — which would add a total of more than 700 units and the possible 180-room hotel, or more than 800 units if the hotel is dropped — in late June, marking the final regulatory hurdle. While it’s had widespread support among elected leaders, the high-profile project has previously provoked opposition because of concerns about gentrification around Chinatown.

It could also emerge as a kind of political flashpoint: Gil Cedillo, the development-friendly councilman who represents the area, has vocally supported 1111 Sunset, calling it “transformational.” But in the June primary, Cedillo was ousted by Eunisses Hernandez, a progressive activist who is sympathetic to gentrification concerns and has emphasized the district’s need for affordable housing.

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