LOS ANGELES—R.D. Olson Development has purchased a 23,659-square-foot development site in Hollywood, CA from the Baird-Hogan Family Trust, GlobeSt.com reports exclusively. The developer purchased the site for $581 per square foot, a total of $13.8 million, paying $750,000 over the initial asking price. It is the highest price ever paid for a development site in the Hollywood submarket.

R.D. Olsen plans to develop of hotel on the site, which is currently occupied by a 3,882-square-foot Jack in the Box. The Jack in the Box recently renewed its lease for an additional five years, so development on the hotel won’t begin until the lease has expired. That will give the developer time to go through the entitlement and planning process.

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