Fully Entitled Sunset Strip Development Site For Sale Again
A fully entitled 2.5-acre property on Sunset Boulevard is up for sale for the second time in the last four years.
The property at 8150 Sunset Blvd. that Townscape Partners shepherded through the difficult entitlement process was set to be home to a mixed-use project designed by Frank Gehry. Now, it is up for sale, Urbanize LA first reported.
"We're looking for the market to price it," Bower said.
The property has no height limits by right and falls under the second tier of the city's Transit Oriented Communities incentive program, Lustig-Bower told Bisnow. The TOC incentives allow for added density at certain sites near transit in exchange for affordable units being built in a project.
Lustig-Bower called the site a "once-in-a-generation" opportunity because of its size, location and zoning, but it has been up for sale at least once before, in late 2019. Property records don't show a sale since Townscape bought the site, but it is unclear if additional partners or investors came on in 2019 or since. A Townscape representative declined to comment on the listing or ownership.
The property at Sunset and Crescent Heights boulevards near the LA-West Hollywood border was entitled in 2016 for 203 residential units and roughly 57K SF of commercial space.
Lustig-Bower said the property has generated much interest from potential buyers but declined to disclose specifics.
Offers on the site are due Feb. 10.