Construction Underway In Hollywood
Hollywood’s ever-changing landscape is due for another major new addition. Kilroy Realty has begun work to build Academy on Vine, its $450 million mixed-use development, the Los Angeles Times reports.
The development will rise on a full city block bounded by De Longpre, Homewood, Ivar, and Vine, directly south of the ArcLight Hollywood parking garage.
Made up of four mid-rise commercial buildings and one 20-story residential tower, the completed project will offer approximately 335,000 square feet of office space and 13,000 square feet of retail space.
The Times notes that “office developers commonly line up some tenants before breaking ground, but Kilroy is proceeding ‘on spec’ without renters in hand.”
Kilroy did the same with its nearby Columbia Square project, which reused the former Hollywood headquarters of CBS’s radio and television operations as a high-end extended stay hotel, a fancy restaurant, an outpost of the chic coworking space NeueHouse, and office space that’s attracted high-profile tenants like Viacom.
Kilroy has owned the Academy on Vine property since 2014, purchasing it for $46 million from The Academy of Motion Pictures Arts and Sciences. The site was once planned to house the Academy’s museum, which is under construction now at Wilshire and Fairfax.
Academy on Vine is expected to open in early 2020.
Source: Curbed Los Angeles