Woodland Hills-based CGI Real Estate Investment Strategies, a multifamily investment and development firm with 3,000 apartment units in its portfolio, has received entitlements for a Mid-Wilshire project at 639 S. La Brea Avenue.
When completed, the mixed-use project will be eight stories tall and have a 125-room hotel, 121 residential units, and 13,000 square feet of street-level and rooftop restaurant space.
The project will be the only institutional-quality hotel with more than 100 hotel rooms in the Miracle Mile/Mid-Wilshire area, according to CGI.
The hotel rooms will range from 320 to 414 square feet. There will also be two suites as large as 1,200 square feet.
Additionally, the property will feature 3,500 square feet of event space, a pool and a guest deck.
The multifamily portion of the project will have one-, two- and three-bedroom units. Of the 121 units, 18 will be set aside for extremely low-income households, and one will be for a moderate-income household. Amenities will include a fitness center, rooftop deck and pool.
The project at “639 La Brea will anchor a neighborhood that is really coming into its own,” CGI Executive Vice President of Acquisitions and Development Andre Soroudi said in a statement.
“In addition to the excellent rooftop and ground-floor (and) on-site dining offerings, its location next to the Metro station will offer easy connectivity to jobs and attractions in downtown Los Angeles, Koreatown, Museum Row, Beverly Hills and the Westside, easing our residents’ and hotel guests’ reliance on automobiles,” he added.
Morris Adjmi Architects is designing the project — its first in L.A. The company’s best-known projects include the Wythe Hotel in Brooklyn, N.Y.; Standard at South Market in New Orleans; and Il Palazzo in Fukuoka, Japan.
Read the original article at: https://labusinessjournal.com/news/2021/nov/01/cgi-moves-forward-mixed-use-mid-wilshire-project/