California Commercial Investment Group, along with other investors, bought 19 acres of land in Woodland Hills from the Motion Picture & Television Fund for $30 million. This land is located at 23388 Mulholland Drive, near the border of Calabasas.
Historical Significance: The Motion Picture & Television Fund had owned this undeveloped land since 1941. The land is situated south of the Fund’s existing 20-acre retirement village and hospital, which serves the entertainment industry in the southwest corner of the San Fernando Valley.
Development Plans: The plan is to build a luxury retirement community named “Woodland Hills: A Life Plan Community.” The community’s design includes apartments, penthouses, and villas, ranging from one to three bedrooms, with options for underground or attached garage parking. A concept rendering depicts a three-story gray and brown complex, complete with a restaurant offering outdoor seating.
Amenities and Features: The proposed development aims to provide a range of high-end amenities for its residents. These include a pool and spa, a gourmet restaurant, athletic courts, a movie theater, a wine bar, a rooftop lounge, and fitness and learning centers. Additionally, medical suites and walking trails are part of the plan, enhancing the appeal for senior living.
Project Partners: The project is a collaborative effort, co-developed by Iowa-based LCS Development and managed by Life Care Services. This indicates a strong backing and expertise in the development of senior living communities.
Purpose of the Sale: Bob Beitcher, CEO of the Motion Picture & Television Fund, expressed that the sale of the property was a long-planned decision. The proceeds from this sale are intended to support those working and retired in the film and television industry. Beitcher also mentioned that the development aligns with their mission and provides additional accommodation options for industry members and their families.
Impact on the Community: The development of this retirement village is expected to be a significant addition to the Woodland Hills area. It promises to offer a harmonious blend of luxury living and community engagement, specifically tailored for seniors, while also contributing to the local economy and landscape.
This information should provide a comprehensive background for your blog, highlighting the key aspects of this significant real estate transaction and its implications for the Woodland Hills community and the entertainment industry.