Commercial Real Estate Awards: The Future is Bright for Hollywood’s Revitalization

27 February 2020

Custom Content by the Los Angeles Business Journal

Wednesday, February 26, 2020

Founded in Los Angeles in 1987, Bond Companies has been a national pioneer in sustainability and the revitalization of overlooked communities through smart and collaborative development. Bond Companies newest projects in Hollywood and its immediate surrounding areas are no exception. At a time when these neighborhoods were discounted by many developers, and certainly before the establishment of the area’s opportunity zone designation, Bond saw the potential for community-oriented development that would draw residents, retailers and business to this vibrant part of the city.

Once Upon a Time in Hollywood…

Take Bond Companies’ first project in the area, Sunset & Vine, an adaptive reuse of the art deco building at 1555 Vine St., which originally housed the Merv Griffin Theater and ABC Radio when it was constructed in 1938. Bond worked collaboratively with the City of Los Angeles and the community to help change the zoning code to allow residential in a commercial zone. This was a significant accomplishment, as there were literally no mixed-use residential developments in the City of Los Angeles prior to that point.

By using bold innovative design, Bond Companies created 300 apartments near jobs while bringing a major retail focus to the intersection, implementing a live-work-play environment that later became one of the monikers of new urbanism. Sunset & Vine spurred billions in new investment back into Hollywood. For its work on the project, Bond Companies was awarded the National Commercial Builders Council’s Best Mixed-Use Commercial/Residential Development, the Pacific Coast Builders’ Best Apartment Project, the Hollywood Arts Council’s Architectural Arts Award and the Los Angeles Business Journal Award for Residential Developer of the Year, among others.

Several other neighborhood projects followed, including Sunset at St. Andrews, a multi-retailer shopping complex in East Hollywood; and 333B, a boutique multifamily building in trendy Echo Park that was named one the 25 most popular apartments in 2019 by 333B brought new energy and investment into bordering Filipinotown.

Over time, these neighborhoods have witnessed a transformation that has been embraced by the Los Angeles real estate and business communities. Retailers, restaurants and other entertainment destinations have flourished in places like Hollywood, East Hollywood, Echo Park and Filipinotown. Employers have taken note, resulting in an influx of jobs that are expected to continue into the new decade. Hollywood has become one of the city’s hottest office markets, drawing companies in the technology, healthcare and entertainment industries.

Back to the Future

From this growth has emerged opportunities to bring notable architecture from the past into the future. Bond Companies latest forward-thinking project – Second-Home Hollywood – is a perfect example of this as it’s the adaptive reuse of a building designed by Paul Williams, FAIA, one of the West Coast’s most influential mid-century architects and the first African-American Fellow of the American Institute of Architects (AIA).

Teaming with Klaff Realty, Bond brought in Selgas Cano Architects to collaborate with LA’s Omgivning to design a world-class campus and Swinerton to build it along with London-based coworking firm Second Home to tenant the reimagined the Paul Williams building as the centerpiece for its Hollywood campus and stateside debut. Surrounding the renovated Paul Williams building are 60 new bungalows connected by meandering paths that traverse through nearly 6,500 trees and plants covering the 2-acre site making this the densest biophilic office campus in an urban environment in America. Companies have been drawn to this creative campus not only for its connection to nature, striking design and collaborative environment, but also for its proximity to companies like Netflix, which has quickly established a strong office presence in East Hollywood. This project has been nominated for the Los Angeles Business Journal’s 2020 Commercial Real Estate Awards.

Opportunity Knocks

Just west of Second Home Hollywood, Bond Companies has recently broken ground on L.A.’s first opportunity zone project – Inspire Hollywood – a $100 million, 200-unit mixed-use building next to the Hollywood YMCA on Cassil Place. The project is also part of the city’s Transit-Oriented Communities (TOC) program, which incentivizes development near bus and train stations. With the TOC and opportunity zone benefits, Bond Companies will provide including 20 extremely low-income units helping to address the city’s severe affordable housing crisis. In addition, an entire floor and a half of parking will be available for patrons of the YMCA to help this important organization continue its great work in Hollywood.

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