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Photo credit: Dream Hotel Group
Business is booming in Hollywood as land sales are on the rise.
Around $16.5M in land sales have been recorded for Q1 2016. In 2011, sales for the entire year reached $18.4M in Hollywood, according to The Real Deal.
In 2015, $109.8M in Hollywood land changed hands at an average of $206.85/SF, up from $16.7M in 2013, which net an average of $188.07/SF, according to data from JLL.
It’s a significant, steady increase from the average land price per square foot of $102.64 in 2011.
The Dream Hotel (rendering above), now being built on Selma Avenue near Cahuenga, is one of a number of projects under construction in Hollywood. [TRD]
