More than a decade in the making, MG3 Development Group’s Parc Place, a mixed-use project planned for Young Circle in Hollywood, is now moving forward.
The Hollywood City Commission approved the 3-acre project this week, which will include 433 apartments, retail space and a parking garage.
An earlier proposal was approved in 2007, but was thwarted by the recession.
MG3 first purchased the site roughly 13 years ago. In the interim, it sold the property to residential developer WSG Development, which filed for bankruptcy in 2010. MG3 then bought the property back in 2013 out of foreclosure from Lehman Brothers for $6.75 million, according to published reports.
Parc Place will be built in phases, according to a Keith Poliakoff, a partner with Saul Ewing Arnstein & Lehr, who represents MG3. Phase I will be an 11-story, 330-space parking garage. Phase II will include 137 apartments in two towers. Phase III will consist of one 26-story curvilinear tower with 296 apartments. There will also be nearly 10,000 square feet of ground-floor retail space spread among all the buildings. The largest apartment tower will be built by an as yet unnamed high-rise developer, Poliakoff said.
Phase III of the project will have 11 artists’ lofts on the second and third floors of the building, for a total of 22 lofts, which will look out onto ArtsPark in Young Circle. Plus, there will be displays of the artists’ work outside of the building on printable mesh fabric, also facing ArtsPark.
MG 3 hopes to start construction of the parking garage in the spring of 2019. The developer doesn’t have an estimate of the cost of the project yet, Poliakoff said.