Silver Creek Receives Funding for Mixed-Use Redevelopment of 8850 Sunset Boulevard in West Hollywood
WEST HOLLYWOOD, CALIF. — Silver Creek Development has received funding for the redevelopment of 8850 Sunset Boulevard, which is located on the Sunset Strip in West Hollywood. Cottonwood Group provided a $62 million loan for the project.
Currently a retail strip center and home to the legendary Viper Room music venue, the property is going through re-entitlement and will be transformed into a mixed-use project. Plans call for a redesigned music venue and recording studio, multiple eateries, retail spaces, a five-star hotel, 26 condominiums and eight income-restricted housing units. Completion is slated for 2023.
Residents will have access to an outdoor fitness center, rooftop pool and below-ground parking. The hotel’s rooftop will feature a restaurant and bar with panoramic views from downtown Los Angeles to the Pacific Ocean.
Architectural firm Arquitectonica designed the project, which is being built to meet or exceed LEED standards.
Silver Creek is a Los Angeles-based real estate developer that focuses on revitalizing underused sites. The firm has developed more than 10 million square feet of mixed-use projects globally.
The financing deal was executed as part of Cottonwood’s strategic platform with BCEG International Investment. Headquartered in Los Angeles, Cottonwood is a private real estate investment firm focused on equity and debt opportunities across all property sectors and geographies.
— Kristin Hiller