The fact is that the reinvention is happening as we speak, albeit slowly. If you don't believe me, take a quick drive through Hollywood and notice the street activity, the new restaurants, a sprinkling of new 'anchor' retail outlets, and a bunch of new residential developments. The most recent crowning jewel of Hollywood has been in the unveiling of the W Hollywood, a fine example of transit oriented development and a testament to what's yet to come in Los Angeles.
I spent the afternoon a few days ago previewing The W Hollywood Residences, 1600 Vine St. (The W's sister apartment project), and The Sunset & Vine Towers (CIM Group).
Here's the low down from where I sit...
The W Hollywood Residences: If you've got the dough and you love the party life, this may be the place for you! There are undoubtedly some kinks that need to be worked out by the hotel to make certain that all of the promised amenities are accessible by the condo residents, but I suspect they'll have a handle on this soon. If you want my opinion on the hotel itself, check out my last blog at W Hollywood: It's a Start
As for the condos, the only ones worth looking at are on the north, hill-facing side of the building, found on the top three floors, and located as far away from the hotel as possible. Pricing is all over the map from $693-$1520/ sq. ft. HOA's for this full service building range from $1.20-$1.20/ sq. ft. Call me for more info. I have lots of opinions regarding the pros and cons of this project.
The 1600 Vine St. apartment building gives the W a little bit of a run for it's money if you are considering the value of living close to the nightlife, without the committment or cost of home ownership, and with a fairly high caliber of amenity. The building is rock solid and sound issues seem well accounted for, however rumor has it that the units closest to the action at the W have had more than a few complaints. Not bad for rentals, and the Trader Joe's is only a stone's throw. Lease prices were about $2.10-3.20/sq. ft., and they have the full gamet of room counts and square footages available.The clear winner here was definitely the Sunset & Vine Towers. The views are quite amazing and the lease rates seem almost reasonable if you are taken by industrial, lofty, expansive spaces ( I am). The utility of the floor plans is logical and maximizes the space. Every unit in the building has a brilliant view. The original plan was for this building to be sold as condos and I am sorry to see that they went the rental route instead. This building would have been amazing with high-end fixtures, finishes, and a suite of amenities that fit the lifestyle. Nonetheless, if you're an urban type, this building offers a reasonable value for what you get.
The building is leasing for $3-$4/ft. and they have a small southern facing unit for as little as $3,400/mth. If you like the view from the top, then you might like the panoramic, four point view from the penthouse level for a mere 25K a month. I'm standing by, so call me when you're ready to sign your lease!
Seriously though, if you have any questions about any of these projects, just give me a shout.
Links to the websites below...
http://www.whollywoodresidence.com/
http://www.sunsetvinetower.com/
http://www.1600vine.com/
