Kilroy Realty Corp. broke ground on its much-anticipated Academy on Vine, a $450M project near Sunset Boulevard and Vine Street in Hollywood.
Kilroy will build a mixed-use development of office, multifamily and retail on a 3.5-acre lot at 1341 North Vine St. that was once slated to become a museum for the Academy Awards.
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Kilroy purchased the site in 2013 from the Academy of Motion Picture Arts and Sciences for $46M.
The Academy of Motion Picture Arts and Sciences had intended the site for a museum but pivoted the project for a site in Miracle Mile.
The groundbreaking comes as Hollywood is seeing a resurgence of projects and property sales. In the past couple of months, a trendy retail spot in Hollywood sold for $61M, an office building for $38M and the historic Taft Building went for $70M.
Academy on Vine will feature a 200-unit residential tower, three office buildings and ground-floor retail and restaurants.
Construction is expected to be completed in 2020.
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