Silver Creek Commercial Development and Malibu-headquartered Christina Real Estate Investors have acquired a $2.45 million apartment building, which will serve as a piece to their larger Larrabee project, a 28-unit luxury condominium compound on the Sunset Strip.
Construction on the Larrabee project is scheduled to begin in January, said Lawrence Taylor, chief executive officer of Christina. The Larrabee is located across the street from Silver Creek’s sprawling 8850 Sunset mixed-use project, which includes a 113 room hotel.
The recent acquisition of the six-unit apartment building at 1128 Larrabee Street will add 50 feet of frontage to the larger project, bringing its total street frontage to 150 feet, Taylor said. The building at 1128 Larrabee will be renovated.
The Larrabee residential complex also will include 22 units which will be built on the lots at 1120 Larrabee Street and 1124 Larrabee Street. The buildings which previously stood on those lots were demolished earlier this year. The gross building area for this part of the compound will be about 55,000 square feet for a four-story building, which includes a two-level subterranean garage with 39 parking spots.
The residences will range from one bedroom with 750 square feet to three bedrooms at 2,400 square feet.
Christina secured a $20 million loan from First Republic Bank earlier this year to build the Larrabee project, Taylor said. He declined to forecast the final cost of the construction or how the residences would be priced, except they would be priced at market level. He predicted that residences would be put on the market in early 2025. The 8850 Sunset project is scheduled to be completed in 2025, according to media reports.
The full project complex will include about 26 condos and a remodel of popular rock club The Viper Room. 8850 Sunset will be built on the former site of The Viper Room, which first gained notoriety in the 1990s.
The most recent condominiums to be built on the Sunset Strip are The Pendry Residences in West Hollywood. Prices for units range from $4.6 million up to $22 million for penthouses.
Christina, a 46-year-old private equity real estate company focusing on projects on Los Angeles’ Westside, wrapped up work this year on a $35 million redevelopment of the Larchmont Mercantile retail building located at 218 North Larchmont Boulevard. The building was fully leased in July.
The post Christina Real Estate to bring 28 condos to Sunset Strip appeared first on The Real Deal Los Angeles.
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