Dreamscape JV Goes Forward with Plans for East Hollywood Project

Dreamscape Companies and American Commercial Equities (ACE) are moving forward with joint venture plans for a large-scale mixed-use development at 5420 West Sunset Blvd. in East Hollywood. The city recently published the Environmental Impact Report for the development which includes multifamily and retail components.

The development marks New York-based Dreamscape’s first foray into the Los Angeles residential and retail market.

“We have had our eye on the Los Angeles market for some time, and are particularly excited about this site and the opportunity it presents to create a new residential and retail experience for the neighborhood,” said Eric Birnbaum, CEO and founder of Dreamscape. “We’ve assembled a talented and committed team and with our partner ACE, look forward to watching this joint venture progress and come to life.”

The ground-up construction project will comprise 735 rental apartment homes with 95,000 square feet of retail space, a 60,000-square-foot grocer, and a terrace with a pool and views of the Hollywood Hills, Hollywood sign and the Griffith Park Observatory.

“This project has presented an excellent opportunity for Dreamscape by enabling its entrance to the LA market with a development of great significance and scale,” said Curtis Palmer, executive vice president, head of residential investments, acquisitions and capital markets at Dreamscape. “We have been closely monitoring the growth of East Hollywood for some time and believe there to be a true need for a new residential offering, particularly with the spike in employment that Netflix, Viacom and Paramount are continuing to generate in the area.”

Design services were provided by California-based TCA Architects along with interior designer Roberto Sosa. Construction and development will be overseen by Dreamscape led by Pat Irvine, formerly from JH Snyder.