Investment and development firm GPI Companies broke ground this week at 9001 Santa Monica Boulevard, where it is constructing a new luxury mixed-use development in West Hollywood near Beverly Hills.
The project, designed by Steinberg Hart and Ric Abramson of WORKSPLAYS Studio, will include four residential levels with 46 apartments — eight of which will be designated as affordable — averaging 1,300 square feet per unit. The 135,000-square-foot development will also feature ground floor space for retail and restaurants, as well as a fitness center, pool deck, and two levels of subterranean parking.
“In this location, you see so much positive momentum in the blocks around it, and the retail on the ground floor will also help take advantage of the walkability in the area,” Jamie Ross, director of development at Brentwood-based GPI Companies, told Commercial Observer. “GPI is always looking at a site to find what the best use is. […] This felt like a good match to us.”
The property is near the intersection of Santa Monica and North Robertson Boulevards, which formerly housed the famed Palm Restaurant. It is located across from Bottega Louie’s new restaurant that is set to open in the spring, and is also near the new Melrose Triangle and Robertson Lane projects. Other nearby hubs include Rodeo Drive, the Sunset Strip, Cedars-Sinai Medical Center, the Pacific Design Center, and the Beverly Center.
Ross said GPI does not plan on selling 9001 Santa Monica after construction is complete late next year, and they expect to be long-term owners. The firm has been working on the development for years before landing on its current design. Entitlements were originally secured in 2008 by another firm, but the project was delayed due to many factors including the recession.
West Hollywood is growing rapidly, and GPI is tapping into the persistent demand for multifamily assets in Los Angeles County, especially for a premier location, she added. Indeed, a recent report from Real Capital Analytics and CBRE showed that L.A. County led the nation in investment capital last year, with the multifamily sector taking a third of the total for the region.
GPI has always been a mixed-use firm, but its more significant projects throughout the county also currently include office and residential, Ross said. The firm’s 26-story residential tower is set to take the place of Hollywood’s Amoeba Music records store on Sunset Boulevard, which is moving to another location. GPI is also behind the West End development which will span 230,000 square feet at the former Macy’s at the Westside Pavillion.