Kilroy Realty Breaks Ground on Mixed-Use Project at Former Academy Museum Lot
The site of the $450 million development is a full city-block site and was originally intended to house the Academy Museum of Motion Pictures before it moved to Miracle Mile.
The four-acre parcel of land near the intersection of Sunset Boulevard and Vine Street, which at one point was going to be the home of the Academy Museum of Motion Pictures, has broken ground for yet another transformative project in Hollywood.
Kilroy Realty, which purchased the land in 2014 from AMPAS for $46 million, is moving forward with its plan to build a media mixed-use campus called Academy on Vine. At a groundbreaking ceremony held at the NeueHouse on Wednesday evening, chairman, president & CEO of Kilroy Realty John Kilroy outlined the project’s plan, which includes the creation of 335,000 square feet of office space spread across four commercial buildings, to go along with a 20-story residential tower and 13,000 square feet of retail space. The plan, which is being overseen by the Shimoda Design Group, also calls for a public plaza.
The site of the new development is located just north of the Academy’s Pickford Center for Motion Picture Study, on the full city-block site that was originally intended to house the Academy Museum of Motion Pictures when it was acquired by AMPAS in 2005 for $50 million. That all changed in 2011, when the Academy and the Los Angeles County Museum of Art announced a partnership through which the movie museum would be housed in the Wilshire May Co. building on the LACMA campus at the corner of Fairfax and Wilshire.
With its $450 million Academy on Vine project, Kilroy is hoping to mimic the success it has had with its nearby Columbia Square Sunset Boulevard and Gower Street. In January 2017, Viacom Inc. relocated its West Coast operations — and 1,500 workers— leasing 180,000 square feet of space, filling most of a six-story building.
The Academy on Vine joins a host of mega-development projects in Hollywood that includes the Harridge Development Group’s billion-dollar mixed-use Crossroads of the World project at the corner of Sunset and Las Palmas Ave., where a total of nine buildings are set to be built.