A vacant lot in Century City, one of the most densely developed neighborhoods in Los Angeles, will be filled with single-family homes by its new owner.
The 1.75–acre parcel at the corner of Century Park West and Solar Way was purchased for about $13 million by an affiliate of Los Angeles developer California Landmark Group, real estate brokerage HFF said.
Century City has nearly 10 million square feet of offices, two major hotels and a regional mall. In its compact 0.3 square mile west of Beverly Hills it also has about 2,000 residences, most of them condominiums, according to the Century City Chamber of Commerce.
The new two–story houses will become part of Century Woods, a gated residential complex built in the 1980s on the southwestern corner of Century City. The Century Woods Condo Assn. sold the unused property to the developer.
“This is a unique parcel of land,” said Ken Kahan, president of California Landmark. “We look forward to bringing life to a long-dormant prime site that is adjacent to so many cultural, business and shopping areas.”
Century Woods already includes 48 condos and 32 free-standing homes, the only single-family homes in Century City, Kahan said. The expansion will add 10 more homes and is expected to be completed by the end of next year.
The new houses will each contain about 5,000 square feet in two stories and are expected to sell for millions of dollars apiece. The developer hopes to attract the “move down” market of wealthy Westside residents who want to be in walking distance of Century City’s restaurants, theaters and other amenities, a spokesman said.
The median age of Century City residents is nearly 64, the chamber of commerce said.