Rumblings & Bumblings Responses: Hollywood Chopping, Westwoods Market, Glassell Park Can Has Mixed Use, And Santa Monica's Perpetually Scaffolded Theater - NBC Southern California

Rumblings & Bumblings Responses: Hollywood Chopping, Westwoods Market, Glassell Park Can Has Mixed Use, And Santa Monica's Perpetually Scaffolded Theater

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    Rumblings & Bumblings Responses: Hollywood Chopping, Westwoods Market, Glassell Park Can Has Mixed Use, And Santa Monica's Perpetually Scaffolded Theater

    Thank you for your participation this week. We came together and shared knowledge. It was good. Please feel free to email us at la@curbed.com or leave a comment if you have an update or a new question. Digital pics are welcomed.


    [Proposed mixed-use project in Glassell Park - on the market?]

    1) Hollywood: A reader asked about pricechops in those new Hollywood condos. We took a look at Madrone's listings and didn't see any movement on that studio unit they had listed at $421k. Nor on the high end penthouse unit. At the Broadway Hollywood, we are seeing some chops. One of the penthouses we featured in August has stumbled from its original price of $1.349 million in June to $1.199 million in August to $1.050 million today. The listing notes that this is the "FINAL SALE PRICING."

    2) Westwood: No word on the tenant, but the lot at the corner of Gayley and Le Conte is being developed with a 2,500 sf, one-story market. The project went through the Westwood Village Design Review Board, so hopefully it won't be too ugly. An alcohol license is currently being sought for the use by an applicant named Bijan Pouldar, who seems to own gas station mini-marts.

    3) Glassell Park: Thanks to the helpful commenters we can post some info. In addition to commenter Semprini reporting potential financing problems to build the mixed-use project at 3901 Eagle Rock, a commenter Voodoo Idol says: "west millenium homes has been shopping the glassell park site around to apartment developers. one of them asked us to j.v. on it, so we looked at the project a couple of months ago. problem is they wanted $8 million for the site. they have an apartment proforma to justify the value, but their rent assumptions are $2.30 psf (way too high), they assume rent increases that won't happen, and their yield projection is about 5.90% on costs (should be about 7.5% today). factor that in and land value is minimal. for their sake, hopefully they can muddle through and hold on to it until things get better."

    4) Santa Monica: In June of this year it appears the Santa Monica Architectural Review Board approved the retention of the Mayfair Theater's facade in conjunction with the construction of a five-story mixed-use building over two levels of subterranean parking. Unfortunately, as we all know the economy has since imploded. Maybe once it's recovered the project might actually go forward. You can read more about what is planned here.

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