With the end of 2014 fast approaching, construction has finally started on one of Hollywood's most controversial developments.
Earlier this month, the J.H. Snyder Company broke ground on 1601 Vine Street, an eight-story office tower slated for the former site of Molly's Burgers. The $70 million project, designed by architecture firm Gensler, will consist of approximately 110,000 square feet of Class-A office space, a 2,000-square-foot ground-level retail stall, and 174 underground parking spaces. The potentially LEED Gold-certified development is scheduled for delivery in 2016.
1601 Vine Street is the third major office complex to break ground near the Hollywood/Vine subway station since 2013, joining campus-style projects from Kilroy Realty and Hudson Pacific Properties. Office development has thrived in Hollywood during the past several years, despite the overall sluggish performance of the Los Angeles market. The neighborhood's most recent coup came in the form of media giant Viacom, which will consolidate its Southern California operations within 180,000 square feet of the Columbia Square complex.
Hollywood's office boom has been accompanied by equally impressive performances from the residential and hospitality sectors. Houston-based Camden Property Trust is currently in the midst of construction on a mixed-use development directly across the intersection from Snyder's project. West along Selma Avenue, local developer Five Chairs broke ground this past Spring on the 180-room Dream Hollywood. Additional boutique hotels are slated for nearby properties along Cahuenga Boulevard and Wilcox Avenue.
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