A new residential project known as 1800 Whitley will be built in Hollywood on the site of a vacant lot at Yucca Street and Whitley Avenue, just one block north of Hollywood Boulevard. The project is being built by CIM Group, the owner of the Hollywood and Highland Center, the Sunset and Vine Tower and many other residential and commercial properties in Hollywood, and will bring 32 new apartments to the area.
“It was a vacant lot in this very dense, multi-family neighborhood,” said Karen Diehl, a spokesperson for CIM Group. “They had been using it for contractor parking, and now they are getting ready to start digging for below-ground parking for the project. It’s a great location, Hollywood has been a very popular location choice for residents.”
Los Angeles City Councilmember Tom LaBonge, 4th District, attended the groundbreaking ceremony and said the 32,553-square-foot luxury apartment building will be a welcome addition to the neighborhood.
“This beautiful complex will be a landmark gateway to the new Hollywood, embodying its thriving energy,” LaBonge said. “1800 Whitley is a prime location, a great address.”
CIM Group purchased the property last fall, and plans call for the project to be completed by summer 2012. It will include gardens and other amenities generally associated with condominiums, according to Diehl.
Leron Gubler, president and CEO of the Hollywood Chamber of Commerce, said CIM Group chose a good time to begin the 1800 Whitley project because apartment occupancy rates are reaching capacity in Hollywood. He said five residential buildings opened last year — including the Sunset and Vine Tower, the W Hotel and Residences, The La Belle at Hollywood Tower, The Jefferson at Hollywood and the Alta Hollywood — and at least three are around 95 percent leased. The other two — The Jefferson and The Alta Hollywood — opened after the middle of last year, so the lease rates are a little less, Gubler added.
“When you consider that that many units opened in a year, and three of the projects are nearly fully leased, that is pretty impressive,” Gubler said. “I think we are beginning to see some momentum again. I have been talking to some developers and they have said there is some financing opening up, so hopefully we will see some more groundbreakings in the near future.”