Selma Place, a multifamily development site in Hollywood, has recently hit the market. Located at 6753 Selma Avenue, the 6,254 square-foot site is currently entitled with a 51-unit development, according to a property listing from Colliers International.
The property, which was formerly home to a two-story, 10-unit multifamily building, is currently listed as unpriced. However, public records show that the property was last sold to Los Angeles-based HBCS Real Estate Development in 2018 for $3.2 million.
In 2019, HBCS Real Estate initially submitted plans to the City of Los Angeles for the new seven-story development that will take the place of the former residential building. In total, the project would include a 28,530 square-foot building, with 24 automobile spaces, 64 bicycle parking spaces and a variety of onsite amenities.
According to the property listing, amenities include both an Indoor and outdoor pool, a rooftop grilling area, an outdoor movie theater and indoor and outdoor coworking space.
“This project is an all-in-one advantage to anyone looking in Hollywood for a live/work neighborhood. Not only does Selma Place offer full amenities, but also unbeatable opportunities for short-term corporate housing, coworking, and affordable micro-units. Residents will be living the dream in the heart of Hollywood,” the listing states.
Located in the heart of Hollywood, the property is near many well-known attractions, including the Hollywood Walk of Fame and Sunset Boulevard. The Hollywood & Highland Shopping Center and the Chinese Theater are also within close proximity to the site.
In general, the Hollywood location makes the property a valuable asset to potential buyers. According to the listing, since 2000, the popular Los Angeles neighborhood has received $4.8 billion in investment and has seen $2.2 billion in completed construction projects. Currently, $1 billion worth of construction projects is taking place within Hollywood.
According to Colliers International, nearby projects currently under construction include The Rise, a 369-unit building at 1311 N. Cahuenga Boulevard; Modera, a 124-unit project at 1600 Highland Avenue; The Line Lofts, an 82-unit building at 1737 N. Las Palmas Boulevard; and more.
Colliers International did not respond to requests for comment.
