By Roger Vincent
Los Angeles Times
WWR Article Summary (tl;dr) As columnist Roger Vincent reports, entertainment companies that once abandoned Hollywood are returning in force, and bringing with them a yen for posh housing, developers hope.
Los Angeles Times
Monthly rents for a deluxe apartment tower called Argyle House opening next month start at $3,395 for a studio, $4,395 for a one-bedroom and $6,595 for two bedrooms.
The location? Not Beverly Hills, not Santa Monica, but the once-dreary intersection of Argyle Avenue and Yucca Street in Hollywood.
The lofty rents of the 18-story tower that will open next to the landmark Capitol Records Building are a telling sign of just how much the neighborhood has changed from its downtrodden days of a few decades ago.
Entertainment companies that once abandoned the neighborhood are returning in force, and bringing with them a yen for posh housing, developers hope.
Among the latest to set up shop there are streaming powerhouse Netflix and major Viacom Inc. brands including MTV, Comedy Central, BET, VH1, Spike and TV Land.
Such employers drive new demand for housing, according to local business leaders who expect the population of Hollywood to more than double between 2010 and 2020.
“It’s all about the job growth,” said developer Gino Canori of Related Cos., which built the posh Argyle House apartments with show-biz people in mind. “We’re getting higher-paid workers with these new businesses.”
Other new workplaces for the creative class in Hollywood include exclusive shared-office space providers NeueHouse in the historic former CBS Radio Building on Sunset Boulevard and h.Club LA, which is set to open this year in a former hotel at the famed intersection of Hollywood Boulevard and Vine Street.
Related Cos. spent $90 million to build Argyle House, and it features a host of services for well-paid but career-harried tenants.