Two eight-story towers with a total of 190 luxury condominium residences are coming to the Sunset Strip, a 1½-mile stretch of Sunset Boulevard in West Hollywood.
Situated at the intersection of La Cienega and Sunset boulevards, the development—known as The Residences at 8500 Sunset—will feature studios, one bedroom- and two bedroom- units, in addition to eight two-story dwellings, according to Los Angeles-based CIM Group, the developer of the property.
Like most high-end condominiums, the buildings will offer several amenities, including an open-air plaza and a pool deck with views of the Los Angeles skyline. There will also be a fitness center, a residents’ club with a dining room and kitchen, a boardroom and a 24-hour lobby concierge.
In addition to the condos, the towers will also include 40,000 square feet of retail space, according to CIM, which is the firm behind the ultra-luxe 432 Park Ave. in Manhattan.
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"For decades the Strip has been one of the most-recognized and vibrant destinations in Los Angeles for its array of leading culinary, distinctive retail, and renowned entertainment establishments," said CIM principal, Terry Wachsner, in a statement.
The arrival of upscale condominiums is a testament to the area’s evolution. Once a seedy stretch of Sunset Boulevard, the Strip evolved into a destination for vibrant restaurants, trendy boutiques and nightlife. More recently, architectural relics from the neighborhood’s past were razed to make way for high-end condos and rental units.
Demand for upscale condos is on the rise. According to real-estate firm The Agency, a surge in condo transactions brought 29 closed deals in the second quarter of this year, a record sales volume for the area. The average sales price was $891,000, a 42.8% increase compared with the same period in 2015.
The Residences at 8500 Sunset are under construction. The building’s completion and sales launch is slated for this fall. Pricing has not yet been released.
Write to Gina Faridniya at gina.faridniya@dowjones.com