One block south of the Sunset Boulevard and Western Avenue, where the controversial Hollywood Target remains a half-finished husk, construction has quietly started on another mixed-use development.
Gemdale Corp., a large Chinese real estate firm, is partnering with Los Angeles-based LaTerra Development to construct a $125-million residential-retail complex on the former home of the defunt post-production firm Deluxe Laboratories. The project, located on a 3.5-acre site at 1350 N. Western Avenue, will be highlighted by a six-story building featuring 254 apartments - including 21 units of affordable housing - and approximately 4,000 square feet of ground-level commercial space.
Other components of the project include the refurbishment of an existing 68,000-square-foot office building, which has been fully leased to financial technology company ZestFinance. Gemdale intends to eventually sell the three-story structure.
The podium-style building is being designed by PSL Architects.
The first stage of the project, a standalone parking garage, is now rising at the northwest corner of the property. Construction was able to begin thanks to a $30-million bridge loan secured with the assistance of the real estate investment banking firm George Smith Partners.
Completion of the full development is expected in 2018.