Silver Creek Nabs $71 Million for Sunset Strip Project

Silver Creek Development has brought its luxury mixed-use plans for the Sunset Strip back from the dead.

The Scottsdale, Arizona-based developer secured a $71 million loan from Centennial Bank and Crestline Investors for its 8850 Sunset project on the Sunset Strip in West Hollywood, Commercial Observer reported. The new loan refinances approximately $69 million in debt provided by CW Viper Capital Management, an affiliate of Cottonwood Group, in 2022. Silver Creek defaulted on the loan in February.

Silver Creek bought the property in 2018 for an undisclosed price. The firm first announced the project that year as a 15-story development, though the plans underwent a series of tweaks over the years, including at one point separating the housing and hotel into two structures.

The site is home to The Viper Room, the famous bar and music venue opened in 1993. Its plans call for demolition at the site and replacement with an 11-story, roughly 366,000-square-foot mixed-use complex.

Silver Creek’s plans for 8850 Sunset, narrowly approved by the West Hollywood City Council in 2024, include a 90-room, five-star hotel; 78 studio, one-, two- and three-bedroom apartments, including 16 affordable units; about 28,000 square feet of restaurant and bar space; and parking for 232 cars. It would also set aside 6,748 square feet for a replacement space for The Viper Room.

The Sunset Strip has seen several hotel-condominium projects pop up in recent years. The Edition Hotel & Residences at 9040 Sunset Boulevard opened in 2019; the Pendry Hotel & Residences at 8420 Sunset opened two years later. Just off the Strip, high-rises exceeding the height of those on the Strip, such as the Sierra Towers at 9255 Doheny Road, remain popular with celebrities.

Prior to the funding injection, the property was headed for a foreclosure sale on June 17. Vertical construction at the site is expected to begin in October 2026 and finish by June 2029, according to CO.

— Chris Malone Méndez