Current commercial space may be plentiful in Los Angeles at the moment, but that’s not dissuading developers from planning ahead. Bain Capital Real Estate and Bardas Investment Group have submitted plans to the City of L.A. to develop Echelon Studios.
According to the L.A. Business Journal, the $450 million project will sit on the five-acre site left vacant by Sears at 5601 Santa Monica Boulevard. In partnership with Rios architecture, the development would consist of four 19,000-square-foot sound stages, a 15,000-square-foot flex stage and a 90,000 square feet of high-end bungalows.
The Journal notes that Echelon Studios would also offer 350,000 square feet of creative space across two mid-rise office buildings.
Entertainment continues to be the biggest consumer of commercial space in L.A. According to the Commercial Observer, since 2016, media and entertainment firms have increased their office footprint in L.A. by approximately 6.8 million square feet, with 64 percent of all office space in Hollywood being occupied by tech and media companies.
And much like central Hollywood is seeing a housing revamp with new condo buildings and countless renovations—thanks in part to Netflix’s big investment of three new buildings in a few block radius of one another—supporters of entertainment ventures like Echelon Studios are hopeful neighborhood revitalization will follow.