LOS ANGELES-A well-located parcel along Santa Monica Boulevard between Beverly Hills and Century City has changed hands for more than $1,000 per sf. Woodland Hills, CA-based SunCal Cos. says it bid $110.2 million for the 2.25-acre site at 1000 Santa Monica Boulevard, outbidding a joint venture of Donald Trump and the Related Cos. by $200,000. The opening bid was $45 million; there were 52 rounds of bidding.

SunCal says it plans to develop a high-rise luxury condominium or hotel-condo tower on the property, the former home of Jimmy’s Restaurant, a longtime popular hang out for locals and celebrities. Trump and Related also reportedly planned to develop a hotel or condo-hotel on the property.

The property sits at the intersection of Santa Monica Boulevard and South Moreno Drive, across the street from the Los Angeles Country Club. The property’s zoning falls under the Century City Specific Plan, which allows a variety of uses including residential, but is bordered on two sides by the City of Beverly Hills.

Family-run SunCal specializes in suburban planned communities. One of its current projects is a sprawling 7,200-home community in Palmdale called Ritter Ranch. The Jimmy’s Restaurant site will allow the company to show it can develop vertical urban communities as well.

Frank Faye, SunCal’s Los Angeles-Central California regional president, declined to discuss preliminary estimates regarding the height of the building or the number of units it might contain. Despite the company’s lack of experience in urban high-rises development, he tells GlobeSt.com at SunCal is tentatively planning to develop the site on its own.

“We look at the high-rise market as being very similar to the kinds of communities we are already experienced in building,” he says. “Master-planned communities are not just a place where people have a house, they are lifestyle choices.”

Donald Trump was not immediately available for comment Friday morning. The price paid is about double the average for parcels in Downtown Los Angeles, while land in Beverly Hills has sold for as much as $2,000 per sf in recent years, according to local brokers.

The property was auctioned in bankruptcy court. SunCal was one of four bidders. Trump and Related began as separate bidders, but joined forces near the end. Malibu developer Lawrence Taylor was the property owner.

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