Grubb Properties, a Charlotte, North Carolina-based developer, is planning yet another L.A. project.
The firm’s latest SoCal development is a proposed multifamily building in central Hollywood that would rise seven stories and include 151 units. A Grubb Properties executive filed the application in late September.
A representative for Grubb declined to comment.
The Hollywood plans come as part of a flurry of SoCal activity for the 60-year-old development firm. Last month Grubb filed plans to redevelop the Laemmle Noho 7, a movie theater in North Hollywood, into a seven-story complex with 128 apartments. In February, Grubb Properties paid $20 million for a Koreatown property where the firm is planning a major mixed-use project that’s now slated to include a Target. That same month the firm sold a 73-room motel in East Hollywood to the Kaiser Foundation, which has a large medical complex nearby.
Along with 151 residential units, plans for the latest project – located at 1200-1218 North Vine Street and 6245-6247 West Lexington Avenue in central Hollywood between Santa Monica Boulevard and Fountain Avenue – include 3,700 square feet of commercial space, 19,000 square feet of open space and 87 parking spaces. In order to achieve density bonuses, Grubb plans to reserve 17 units for very low income housing, while the remainder would be market rate.
The developer bought the roughly 0.6-acre property through an LLC for $17 million in late 2021. The seller was a family trust. Before building, Grubb will need to raze an existing low-rise commercial building that has recently been used as a Dollar Tree store.
The Charlotte-based firm, led by CEO Clay Grubb — also the author of a book on affordable housing — has projects in more than a dozen cities, including Atlanta and Oakland. The firm recently made its way into New York with major affordable housing plans in the Financial District and Long Island City.
The post Grubb Properties enters Hollywood multifamily market appeared first on The Real Deal Los Angeles.
Powered by WPeMatico