Joint venture readies Hollywood mall for residential conversion
Plan calls for 189 apartments to replace Fountain Vine Plaza
A joint venture between Sharp Capital and One Cole Group is looking to convert a mall in Hollywood into a large apartment complex with nearly 200 units.
The partnership filed a permit application to build a seven-story, 189-unit residential property at 1253 Vine Street, which sits at the corner of Vine Street and Fountain Avenue within the Hollywood Entertainment District, according to documents filed with the Los Angeles City Planning Department.
Plans call for the demolition of the current structure on the property, a 33,400-square-foot retail center called Fountain Vine Plaza. The property was 61 percent occupied when it went on the market, according to marketing materials from CBRE. At the time, the Opportunity Zone site was pitched as a possible office redevelopment.
The proposed 132,500-square-foot structure will contain 97 studios, 82 one-bedrooms and 10 two-bedroom units. Out of the total number of apartments, 19 will be set aside for affordable housing tenants. Unit sizes will range from 411 square feet to 1,150 square feet.
The partnership paid $17 million for the site in February 2020. The property was previously owned by Alca Properties.
Sharp and One Cole had previously partnered on 3731-3761 West Stocker Street, a four-building office complex in Baldwin Hills. In July 2020, the joint venture sold the property for $35 million.
The planned Hollywood conversion adds to the slate of commercial-to-residential conversions in Los Angeles. In August last year, San Diego developer Merlone Geier filed plans for a $370 million redevelopment of a shuttered Sears store in Glendale. A partnership composed of Kanden Realty and Taisei recently announced plans to convert an office building in Hancock Park into a 68-unit luxury apartment building.