Hollywood may be the epitome of glamour and luxury, however Los Angeles-based developer Kilroy Corporation is planning to up the ante in the area as it has unveiled plans for a new urban campus replete with office buildings, shops and a residential tower. With this development, Hollywood is set to pick up momentum in its effort to expand into a synergistic environment for businesses and creative firms that have been entrenched in the surrounding communities for many years.
In January, Kilroy acquired the property just south of the ArcLight Cinema complex bounded by Vine Street, De Longpre, Ivar and Homewood Avenues, and subsequently spent months planning a development that will foster young media and tech firms. The company submitted a proposal to the city that includes the construction of three, four-story office buildings and a 23-story apartment tower. Approximately 40 percent of the four acres of space Kilroy plans to build on will be dedicated to open space, making the campus a low-density haven within the bustling city.
Kilroy aims to meet a need for innovative office space in Hollywood, which is something the community has yet to see throughout its rich history of development. Hollywood has long been an established outpost for creative firms, but with developments such as Kilroy’s proposal the neighborhood has the opportunity to bring in the younger, jet-setting crowd who are increasing in wealth and power in the area.
“The overall design encourages the ‘creative collision’ of people, whether they are in their offices, on their private decks or the many other public landscaped outdoor spaces within the project,” Joey Shimoda, design architect of the project, said to the LA Times.
Hollywood Housing Market Update
Hollywood has certainly seen its share of home buyers and sellers as its local housing market is looking very balance and healthy in recent weeks. According to Altos Research, a California-based real estate analytics company, the median single-family home value in Hollywood as of June 13 is $2,685,981. This is just a slight drop in price as the area saw a high point in price for the year around $2.7 million in mid-April.
While most communities in Southern California have seen a dearth in inventory that has driven home demand and prices through the roof, Hollywood is seeing a very equalized level of both supply and demand. Altos’ unique figure known as the Market Action Index indicates at 33.23, which is very close to the neutral value of 30, that supply and demand are within decent range of each other.
A slight advantage may be seen in favor of home sellers in the area, however inventory is on the upswing. As of June 13, inventory in Hollywood was calculated at 85 properties listed on the market. This is on the upswing and as properties continue to come to the market, home buyers and sellers will look forward to even more balanced conditions within the local housing market.
Steeped in history, glamour and now innovation, Hollywood is a truly wonderful place to call home. If you are interested in luxury properties in Hollywood, please feel free to give our team a call.
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(all data current as of 11/24/2017)
Listing information deemed reliable but not guaranteed. Read full disclaimer.