With a $41.1-million loan in place, construction is now underway for a micro-unit apartment building just south of the intersection of Sunset Boulevard and Highland Avenue in Hollywood.
The project, a joint venture between ELK Development and Sixty West, is rising from a property at 1410 N. Highland Avenue, where it replaced a auto repair shop. Plans call for the construction of a six-story edifice containing 49 apartments above 800 square feet of ground-floor commercial space and parking for 96 vehicles.
“Hollywood is globally recognized as the center of the entertainment industry, but historically has lacked quality multifamily housing,” said Mark Fogel, president and chief executive officers of ACRES, which provided the construction loan. “With the thousands of class-A housing units and community-serving retail storefronts recently added to the neighborhood, the area is fast becoming a true 'live-work-play' environment for its growing population of young professionals. 1410 Highland’s micro-units will provide residents with a new housing option that is affordable while featuring high-end finishes and amenities.”
1410 Highland will include a mix of three-, four-, five-, and six-bedroom suites - averaging 1,000 square feet in size - which will be rented as 180 micro unit apartments. Each dwelling will come furnished with a murphy bed, a table, television, cabinetry, and a personal refrigerator.
OfficeUntitled is designing the project, which is depicted as a contemporary podium-type building. Plans call for a fitness room, a central courtyard, a rooftop deck, a spa, a dog run, and a two-level automated parking garage located below grade.
ACRES arranged the loan for 1410 Highland working with Shahin Yazdi of George Smith Partners.
Completion of the project is expected in roughly 22 months, according to a representative of ACRES.
The development site sits between the Hollywood Media District to the south and the Walk of Fame to the north, and is located near a handful of similar mixed-use and multifamily residential buildings which have opened over the past five years.
ELK Development, which is based in Los Angeles, is also planning a similar mixed-use project near the Wilshire/Vermont subway station in Koreatown.