A $2.45 million apartment building has been purchased for development as part of the Larrabee, a 28-unit premium condominium complex located on the Sunset Strip. The expansive 8850 Sunset mixed-use development by Silver Creek, which includes a hotel with 113 rooms, sits across the street from the Larrabee.
The $2.45 million apartment building was purchased by Silver Creek Commercial Development and Christina Real Estate Investors. According to Lawrence Taylor, the CEO of Christina, work on the Larrabee project is expected to start in January.
The project will gain 50 feet of frontage after the recent purchase of the six-unit apartment building at 1128 Larrabee Street. This will bring its total street frontage to 150 feet, according to Taylor.
The additional 22 units of the Larrabee housing project
The remaining 22 units will be constructed on the parcels at 1120 Larrabee Street and 1124 Larrabee Street. Earlier this year, the structures that once stood on the lots were destroyed.
This component of the compound will include a four-story building with a gross building area of around 55,000 square feet. Additionally, it will also have a two-level underground garage with 39 parking spaces. The homes will range in size from 750 square feet for one bedroom to 2,400 square feet for three bedrooms.
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The popular rock club The Viper Room will be renovated as part of the project. The Viper Room, which first rose to fame in the 1990s, will be replaced by 8850 Sunset.
Funding for the project
In order to complete the Larrabee project, Christina obtained a $20 million loan from First Republic Bank earlier this year, according to Taylor. He declined to make any predictions on the eventual cost of the project or the pricing of the homes, other than the fact that they will be priced competitively.
Furthermore, he anticipated that homes would go on the market in early 2025. Media reports state that the 8850 Sunset project is expected to be finished in 2025.