LOS ANGELES — City Councilman Mitch O’Farrell announced Sept. 12 that the developer of the Crossroads Hollywood project has agreed to allow qualifying current tenants of the Selma Las Palmas Apartments the opportunity to return to the complex at rental rates commensurate to their existing rates and adjusted per the limits of the rent stabilization ordinance.
“This project will bring much-needed housing, especially a net-gain of more affordable housing, to Hollywood,” O’Farrell said. “I have always been mindful that sometimes the unintended consequence of new development is the displacement of existing tenants from their neighborhoods. This agreement ensures that the existing tenants have the opportunity to return at rents they would have expected in the neighborhood they are familiar with.”
The proposed four-block project near the intersection of Sunset Boulevard and Highland Avenue would create a 1.4-million-square-feet development consisting of 950 residential units with 190,000 square feet of commercial space and a 308-room hotel.
A total of 105 units for very-low-income households would also be included for the project around the historic Crossroads of the World complex, which was built in the 1930s and is a city historic cultural monument.
“Crossroads Hollywood is a project that is deeply committed to the Hollywood community,” said David Schwartzman, president and CEO of Harridge Development Group. “Our team is dedicated to ensuring that existing tenants of the residential apartments are welcomed back into the Crossroads community at rent-stabilized levels. Working to ensure the existing tenants had the option to return was very important to us.”