Sunset Strip development set to become latest AKA property

George Sell By George Sell
02 July 2017 | Updated 02 July 2017

US: Korman Communities has bought the The Residences at 8500, on LA’s Sunset Strip, and will operate it as the latest AKA property.

Korman bought the project from its developer, CIM, according to a report in Curbed Los Angeles.

The 190-unit building, which has only just finished construction, sits above a 42,000-square-foot ground floor commercial space where Fred Segal has leased 22,000 square feet for a new flagship store. CIM will continue ownership of that space,

When operational it will join an 88-unit AKA in Beverly Hills in the brand's LA portfolio.

The Residences at 8500 Sunset was originally planned as two, eight-story condo towers, but CIM co-founder Shaul Kuba said: "The goal was always to sell. Our business plan has been completed."

The Residences are part of a two-block project that will also include a hotel, branded under Starwood Capital's 1 flag.

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