Hollywood Retail-To-Residential Conversion Gearing Up
A 33.4K SF Hollywood strip mall on Vine Street and Fountain could soon give way to almost 200 apartments.
The owners of 1253 Vine St. — a joint venture of Sharp Capital and One Cole Group — filed for approvals to build a 189-unit residential property, according to the Department of City Planning. The new building would rise seven stories with a total of 132.5K SF.
The site, located in an opportunity zone, was marketed as a possible office redevelopment, according to The Real Deal. The current owners purchased the property for $17M in February 2020, public records show.
The strip mall was 61% occupied when it went on the market at an undisclosed time, TRD reported. David Shophet of Sharp Capital told Bisnow via email that the current tenants are ownership's No. 1 priority. There is no timeline for demolition or groundbreaking at this time, Shophet said.
The strip mall is about a block south of Kilroy Realty's On Vine complex, which includes a residential tower and office space leased entirely by Netflix at De Longer and Vine.
While larger malls have been looking at residential additions to their mix of uses for the last few years, smaller buildings seem to be getting in on the trend. Last week, a new crop of investors signed on to a CIM Group project near Wilshire Boulevard and Highland Avenue that would convert the upper floors of a three-story office building into residential units.
