Dive Brief:

  • Construction crews have started work on a massive mixed-use project in North Hollywood, CA, according to Building Design + Construction.
  • The four-block NoHo West development on the site of an old Macy’s-anchored shopping center will feature 642 apartments, almost 60 restaurant and retail venues, a grocery store, and a movie theater with full-service dining. The Macy’s will be converted into an office and retail center and will connect to the complex’s walkable areas and residential space.
  • When complete in 2019, the complex will offer up 800,000 square feet of commercial space, more than 815,000 square feet of residential space and more than 2,500 parking space.

Dive Insight:

Hollywood isn’t immune to the development push seen in the rest of Los Angeles over the last several years. Some Los Angeles residents tried to scuttle such huge projects by advocating for the Neighborhood Integrity Initiative, but that proposal was overwhelmingly rejected by voters last month. If it had been successful, it would have put a moratorium on the zoning changes necessary for a large portion of high-density development.

Nevertheless, another massive development, Park Fifth — the beleaguered mixed-use project that suffered delays because of the Great Recession and design changes — is scheduled to break ground this month. The first phase will see construction of a mid-rise tower featuring 313 apartments and 7,000 square feet of ground-floor retail space. Second-phase plans for a taller 460,000-square-foot building will add 347 luxury apartments, a pool, a roof-top kitchen and terrace, retail, restaurants and underground parking to the development.

Another Los Angeles mixed-use development that should be getting underway with construction soon is the $1 billion, Frank Gehry-designed Grand Avenue Project, buoyed by a $290 million financial infusion from state-owned Chinese company CCCG Overseas Real Estate. The Related Cos. project will include both for-rent and for-sale residential units, a hotel, retail space and restaurants.

A private Chinese company, Oceanwide Holdings, is building another $1 billion mixed-use development in Los Angeles, Oceanwide Plaza. Hyatt Hotels is planning to position a Park Hyatt hotel there, and the complex will also feature a 504-unit residential element, as well as a shopping center.

 

Author Kim Slowey

Source: www.constructiondive.com