The first apartment complex in Hollywood's Redevelopment Project Area offering some rental units at below-market rates opens today.
It marks yet another milestone in the nearly $1-billion redevelopment and revitalization plan for one of California's most famous communities.
The $8-million Lanewood Pines apartment complex, one block north of Sunset Boulevard and a block west of Hollywood High School, will provide 79 one- and two-bedroom apartment units with views of Hollywood and the Hollywood Hills.
"We see Lanewood Pines as the forerunner in a new era for Hollywood that will see more people moving back to the area's renovated and re-emerging neighborhoods," said Jona Goldrich, chief executive officer of Culver City-based Goldrich & Kest Industries. G & K's Prestige Homes subsidiary built the project at 7027 Lanewood Ave.
Although most of the apartments at Lanewood Pines will rent for $625 to $1,295 a month, 13 of the units are reserved for moderate-income residents who will pay $533 to $700 a month if they meet certain guidelines.
For example, single people making $16,000 a year or less can qualify for the below-market rents, and a family of four can qualify if household income doesn't exceed $26,500.
The lower rents are made possible by bond financing provided by the Community Redevelopment Agency. However, people who think they could qualify for the program may apply at the development.
The six-story structure was designed by Van Nuys-based architects Robbins & Bown Inc.
The architects designed the building as a modern version of a French country home, with decorative circular windows and a mansard roof. Its French gray stucco interior is highlighted by persimmon-colored handrails.
Each unit has vaulted ceilings and a balcony or patio. Some units include a loft.
Thirty-two of the complex's 53 two-bedroom units have equal-sized master bedrooms on either side of a common living, dining and kitchen area. These so-called "mingles" units are designed to encourage shared living.
Amenities include a pool, spa, security system and recreation area with exercise equipment.
Five large pine trees at the entrance to Lanewood Pines have been preserved, and tiered planting extends to the sidewalk. Landscape architect is Edward E. Gripp of Oxnard.