LOS ANGELES — Mayor Antonio Villaraigosa today spoke at the groundbreaking of the BLVD6200 North development, the first phase of a large-scale transit oriented project in Hollywood being developed by DLJ Real Estate Capital and Clarett West Development. The project is expected to support 1,000 construction jobs and 250 permanent jobs.
“BLVD6200 is exactly the type of transit oriented development Angelenos want and deserve,” said Los Angeles Mayor Antonio Villaraigosa. “This groundbreaking celebrates a shared vision for the future of Hollywood, and the future of Los Angeles.”
BLVD6200 North will include more than 500 residential rental units, 53 of which are reserved for low to moderately low income renters. BLVD 6200 North is expected to be completed in October 2014 with more than 74,000 square feet of retail space, and more than 1,300 parking spaces. BLVD6200 North is the first phase of the larger BLVD6200 project, which will consist of approximately 1,000 residential units, 165,000 square feet of retail, and four levels of underground parking.
“DLJ RECP invests in dynamic urban communities,” said Jay Glaubach, a Director in DLJ RECP’s Los Angeles office. “This project is consistent with our strategy of targeting infill areas that are dynamic, walkable and sustainable. We believe in the continued growth of Hollywood and expect that the project will further contribute to one of Los Angeles’ most dynamic urban centers.”
The high density development will provide easy access to Metro Red Line Hollywood/Vine station, connecting residents and visitors to Los Angeles’ growing transit system. The development will bring in jobs and help the local economy as more visitors are able to access and spend time in Hollywood.
“This project highlights our commitment to the future of Hollywood and in taking a leading role in its continued vitality,” said Frank Stephan of Clarett West Development. “We hope that BLVD6200 will set the stage for the future of Hollywood, and will serve as a model for what urban living and mixed use projects can be.”
The BLVD6200 development is consistent with the City’s goals to build a more mobile, a more connected, a more sustainable and livable LA. In early 2012, Mayor Villaraiogsa convened a “Transit Corridor Cabinet” (TCC), the first of major city to do so, to develop a coordinated strategy for making the most of our growing transit infrastructure. The TCC will work closely with stakeholders from across the City to ensure that policy and program changes are institutionalized throughout the City.
About DLJ Real Estate Capital Partners
DLJ RECP is a leading global investment firm focusing on real estate and real estate-related assets. DLJ RECP was founded in 1995 and has offices in New York, Los Angeles, Hong Kong and Tokyo. DLJ RECP manages a series of real estate private equity funds with total capital commitments in excess of $4 billion. The DLJ RECP funds have acquired 180 investments representing approximately $15 billion in gross transaction value throughout North America, Western Europe and Asia. DLJ RECP takes a rigorous property-by-property approach to investing. The firm’s strategy is to acquire well-located assets with high intrinsic value and to enhance that value through creative repositioning and intensive management strategies.
About Clarett West Development
Clarett West Development is the successor to the Clarett Group, a developer and operator of high-end residential and commercial real estate. Over the past decade, the Clarett Group built approximately 2.1 million square feet of real estate, specializing in complex developments in urban infill locations. Frank Stephan, the former head of the Clarett Group’s west coast operations, continues his direct oversight of BLVD6200 as the Senior Managing Director of Clarett West Development.