LOS ANGELES–(BUSINESS WIRE) — A new chapter in the history of one of Hollywood’s most fabled locations began today as developer Bond Capital, Ltd. and partners Canyon-Johnson Urban Fund, California State Teachers’ Retirement System and HW Marketplace, LLC broke ground for Sunset & Vine, a $125 million, 620,000 square foot mixed-use urban village. When complete, the landmark project will include more than 300 multifamily rental housing units and 90,000 square feet of restaurant and retail space covering an entire city block in the heart of Hollywood.
The development, to be built on the site of the old American Broadcasting Company and Merv Griffin studios, will restore the world-famous and visually spectacular Vine Street, which has suffered from neglect in recent years.
“Our approach with Sunset & Vine is to recreate the energy level and pedestrian activity of the neighborhood’s past through design that echoes the visual urban language and entertainment heritage of the location,” said Bond Capital Co-Founder Larry Bond, who, with his partners Bruce Sagan and Robert Bond, began envisioning the project nearly three years ago. “We saw this as an opportunity to integrate Hollywood’s past with its exciting future and to help set the
example of what future development can be in Los Angeles.”
“I became involved with Sunset & Vine because the project is very much in keeping with the objectives of the Canyon-Johnson Urban Fund, namely, to bring services to under-served urban communities, to create jobs, and to stimulate development and redevelopment in urban areas,” said Earvin Johnson, chairman and chief executive of Johnson Development Corporation and co-founder of the Canyon-Johnson Urban Fund, L.P.
Sunset & Vine is the first new development in Hollywood in over 50 years that adds housing to the mix of retail, restaurant and entertainment establishments, creating a vibrant, 24-hour community. Over 60 percent of the retail space is already rented to anchor tenants Bed Bath & Beyond and Borders Books, to be joined by other “bread and butter” tenants such as coffee bars, restaurants and service businesses that are geared to the needs of those who live and work in the area, rather than tourists.
“We are believers in the new Hollywood and realize the tremendous potential it has to offer,” said Ken Lombard, co-managing partner of Canyon-Johnson Urban Fund. “We are committed to continuing the experience of Hollywood as a place that is economically growing, healthy, entertaining and the place to be,” added Bobby Turner, co-founder of the Canyon-Johnson Urban Fund and Managing Partner of Canyon Capital Realty Advisors.
Joining in the ceremony was California State Treasurer Phil Angelides, a leader in promoting urban investment at the State’s two pension systems CalSTRS and CalPERS. “Investments such as this one economically strengthen our communities and
provide our pension funds an opportunity to earn a solid return,” Angelides noted.
Los Angeles Councilman Eric Garcetti, representing the 13th Council District that encompasses parts of Hollywood, added, “It is this kind of forward thinking development that will allow us all to be proud of Hollywood and its future.”
The Sunset & Vine groundbreaking event was hosted by Johnny Grant, honorary mayor of Hollywood, who exclaimed, “Bring on the Magic!” in true Hollywood style as over 150 local community, business and government leaders looked on. Johnson, Bond, Garcetti, Angelides, Grant and other dignitaries formally kicked off construction by turning dirt with nine shovels, each with a letter spelling out “Hollywood,” to symbolically commemorate the rebirth of the once-prestigious neighborhood.
Sunset & Vine is the latest piece of the cultural and physical renaissance currently underway in Hollywood, CA. Upon completion, it will be a signature development comprising more than 620,000 square feet of interrelated uses including 300 studio, one and two bedroom loft-style housing units, 90,000 square feet of pedestrian-friendly retail, and 16,000 square feet of outdoor advertising signage. The five-story, mixed-use project, located at the northwest corner of Sunset Boulevard and Vine Street, will begin construction this month and will be completed in 2004.
Sunset & Vine is a development of HW/CJUF, LLC, a company comprised of HW Marketplace, LLC, Bond Capital, Ltd., Canyon-Johnson Urban Fund, L.P. and the California State Teachers Retirement System. The retail portion only was co-developed with Regent Properties.
Printed in Volume 1 Issue 12