Astani Plans $100M Mixed-Use Project in Hollywood

Developer Sonny Astani's company, Astani Enterprises, has plans to develop a $100 mixed-use complex called High Line West along a formerly neglected stretch of Hollywood Boulevard. The longtime apartment developer bought a 1.9-acre site on Hollywood near Western Avenue for about $11 million from Capmark Financial Group Inc. according to a Los Angeles Times article. Astani's complex will include a 5,000-square-foot elevated park above street-level shops that is meant to evoke New York's popular High Line park. Work on the $100 million project could begin in about year and would take 18 months to build.

Among the structures on the property is a building that was part of Falcon Studios, a performing arts school founded in 1929 run by former Olympic fencer Ralph Faulkner. Faulkner, who died in 1987, crossed swords with some of Hollywood's biggest action stars, with students including Errol Flynn, Ronald Colman, Basil Rathbone and Douglas Fairbanks Jr. Astani plans to incorporate a Falcon Studios building facade in his 280-unit apartment complex and build around a city landmark structure at 5540 Hollywood Boulevard.

"I've long wanted to build in this neighborhood," Astani said. "It's home to a rich cultural mix of single people and families, and is situated between the upscale retail developments of Hollywood to the west and Los Feliz to the east."

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