May 31, 2024
Hackman Capital's $1.25 Billion Television City Project Clears Toughest Approval Hurdle
Hackman Capital Partners has successfully navigated a significant hurdle for its $1.25 billion Television City project, setting the stage for full development approval.
Traded Editorial
Hackman Capital Partners has successfully navigated a significant hurdle for its $1.25 billion Television City project, setting the stage for full development approval. The City of Los Angeles has certified a crucial environmental review, known as an environmental impact report (EIR), for the 25-acre project, according to a ruling by the city's Planning Department.
Project Details and Adjustments
Television City, located at 7800 Beverly Boulevard, across from The Grove shopping center, is slated to encompass approximately 1.74 million square feet of soundstages, offices, and retail space. Initially, Hackman planned an additional 150,000-square-foot, 15-story office tower, but this component was removed earlier this year.
Addressing the Need for Production Space
Zach Sokoloff, overseeing the development for Hackman, emphasized the urgency of revitalizing film and television production in Los Angeles. He highlighted the critical need for modern facilities to support the industry.
Acquisition and Initial Plans
Hackman acquired the site, currently housing a CBS studio, for $750 million in 2019. The firm submitted redevelopment and renovation plans a few years later. In July 2022, Hackman filed its draft environmental review, which faced opposition from neighbors, including Rick Caruso’s The Grove and the Los Angeles Farmers Market. Despite the backlash, Hackman secured approval from a neighborhood council.
Environmental Review Findings
The final environmental review, released in November 2023, determined that the project would have "less than significant" impacts on emissions during construction and operations, and no negative effects on the area's aesthetic.
Next Steps and Potential Appeals
With the certified environmental impact report, the city can now proceed with approving and entitling the project or proposing an alternative within the review's scope. The certification can still be appealed until June 7, as noted in the planning document.