Conventional wisdom holds that most Angelenos will greet new developments with alternating complaints about traffic congestion and gentrification. Nowhere is this better illustrated than in Hollywood, where a small-but-vocal group of residents have fought tooth and nail against the dense commercial and residential complexes which have recently swept through the neighborhood.
With that information in hand, it is an exceedingly rare sight for Hollywood residents to not just tolerate, but to actually embrace a new development.
This is the case at 5831 Carlton Way, where Strategic Legacy Investment Group (SLIG) is finishing its renovation of a 8,618-square-foot mid-century apartment buildings known as the Carlton @ Hollywood - Smart Apartments.
When purchased this past Spring, the two-story edifice was completely leased, but in a poor state of repair. Mold and vermin had infested its walls, and criminal activity on the property had left residents of adjacent buildings concerned.
Recognizing these issues, SLIG embarked on a $500,000 renovation of the 1962 building that is scheduled for completion later this month.
"We saw a certain value in this project when we first looked into acquiring it," said Abraham Mehrian, President of SLIG.
"Not just in terms of dollars and cents, but in terms of what it could do for the surrounding community."
"Typically during the construction process, neighbors will complain about the noise factor," added Manny Sabet, Development and Construction Manager for the Carlton. "But in this case, they were very welcoming of the project."
"This is a family-oriented neighborhood, and the changes we've made have enhanced the community's quality of life. It looks better and people feel safer. We renovated one building, but the positive effects have spread to the entire block."
Aesthetic improvements include a redesign of the Carlton’s exterior by design firm Arcaforma and Studio H2o. The building’s once forgettable southern façade now features a smooth stucco finish with bamboo elements. A redesigned lobby, in addition to new cameras and lighting, will enhance security for the surrounding area.
Each of the building's 10 apartments - divided evenly between one- and two-bedroom units – has received a full renovation with granite countertops, new kitchens and bathrooms. Additionally, all units will come pre-equipped with surround sound and smart televisions.
The Carlton, located slightly west of the Hollywood freeway, sits in close proximity to numerous large commercial developments on Sunset Boulevard, including the future Los Angeles offices of Netflix and Viacom. Additionally, the building sits mere steps from a future entrance to the proposed $1-billion Hollywood Central Park, which would be built above the nearby freeway trench.
These amenities have helped the building achieve 70% preleasing, with rents between $1,800 and $2,450.
SLIG, pleased with the performance of the Carlton, is pursing three other developments in Hollywood, including a proposed 8-unit small lot subdivision and two ground-up multifamily residential complex.
In honor of the project's completion, SLIG will hold a Grand Opening event for Carlton @ Hollywood's this Sunday, in which they will honor the Los Angeles Police Department for their direct involvement to clean up the property and the surrounding neighborhood. Food, drink and activities for children will be provided thanks to donations from Papa John's, Kelly's Coffee and Fudge Factory, Nathanson and Hall Lawyers, Family Financial Strategies Inc. and Prime Equity Mortgage. Additionally, SLIG will introduce its new Charitable Foundation that has been created specifically to give back to the community.
The surrounding community is invited to attend the free event, which will run from 1:00 - 5:00 pm this Sunday, November 15, 2015, at 5831 Carlton Way.
