Hollywood complex may shift from offices to apartments

A proposed high-rise complex in Hollywood, initially designed to include office spaces and a recording studio, is now being reconsidered for a primarily residential development. This shift comes as demand for office space has significantly decreased due to the pandemic, while the need for housing remains urgent in Los Angeles. Developers Thomas St. John and Philip Lawrence are exploring a dual-track proposal that would allow them to adapt to market conditions over the next two years. The new residential plan includes 734 apartments in two towers, with heights of 34 and 38 stories, and a five-level garage accommodating 834 vehicles. Developers have indicated that a substantial number of these apartments will be affordable, although specific percentages are yet to be determined. The project also features an acre of garden space and a music recording studio, which aims to engage local students from Hollywood High. The architectural designs are being handled by HKS, the firm responsible for SoFi Stadium, and Lincoln Property Co. has joined as a co-developer. This collaboration is part of a broader strategy to ensure the project remains viable amid changing market dynamics. David Malmuth, the project executive, emphasized the importance of flexibility in the approval process, acknowledging the evolving landscape of commercial real estate. The developers are optimistic about working with city officials to secure the necessary approvals for both potential developments, ultimately deciding which option aligns best with market demands.