“Hollywood is a company town, and I’ve spoken to buyers that when they started out here, they were either part of Hollywood or they were feeding Hollywood, so to speak, with their work,” said Mr. Stukin. “They had this rock and roll Hollywood fantasy and then, like everyone else, they moved to Brentwood, or the Palisades, or Malibu or Calabasas. But now we’re seeing that people want to move back into town. They want to be in a walkable area. They want to be in the center of everything.”
In cities like New York or San Francisco, real estate interest in the suburbs has surged since the pandemic erupted in March as residents have sought out more space. Los Angeles is different, said Stukin. “Compared to New York or London, we’re a low-density major metropolitan city. So we don’t have people fleeing here for space.”
The Pendry West Hollywood will roll out its opening, starting with the hotel, in late 2020, followed by the residences early next year.
It will be followed by the Four Seasons Private Residences Los Angeles, a 12-story tower of 59 custom homes just across the West Hollywood border in Beverly Hills; a Frank Gehry-designed mixed-used project at 8150 Sunset Boulevard, whose plans include 229 apartments, including 38 low-income homes; a condo project by Olson Kundig architects at 8899 Beverly Boulevard where developers are rumored to want as much as $100 million for the penthouse unit; a members-only social club from Gwyneth Paltrow on Sunset Boulevard; and a space-age looking mixed-use project at the site of the Viper Room, the notorious Hollywood nightclub where River Phoenix died of a drug overdose in 1993. That project, from Morphosis Architects and Plus Development, will bring 115 more hotel rooms to the Sunset Strip, plus 31 condos and 11 affordable housing units.
Residential units at the Pendry Residences start at 2,300 square feet and $3 million. The penthouse will run in the $30-million range.
All units will feature custom kitchens, private elevator access and floor-to-ceiling windows, and several will have private terraced gardens, the largest clocking in at 3,400 square feet of outdoor space. Eight units will have outdoor Jacuzzis and private outdoor pools, and all residents will have access to the private rooftop pool across the piazza at the Pendry Hotel, as well as perks including housekeeping, room service, a wine locker, bowling alley and gym.