Complex would have prime location at Cahuenga Boulevard and Franklin Avenue
CGI+, the investment and development firm founded by Gidi Cohen, has filed updated plans for a major apartment complex in central Hollywood.
The project would be located at 1830 North Cahuenga Boulevard, at the corner of Cahuenga and Franklin Avenue, a prime Hollywood location a few blocks north of the Hollywood Walk of Fame.
The new application was registered with the City of Los Angeles Planning Department on Friday and calls for a 20-story project with 244 total units and nearly 20,000 square feet of commercial space.
It’s a slightly different design than CGI has previously contemplated. In 2021 the firm entered into a joint venture agreement with the property owner, according to CGI’s website, with plans for a 22-story building with 222 units and 18,500 square feet of commercial space.
The complex will have a rooftop terrace, courtyard and an outdoor pool, according to CGI’s site. A smaller apartment building that was last renovated in the early 1970s is currently on the site, which would be demolished before CGI can build its new complex.
The roughly quarter-acre property has rarely changed hands for decades. In 1998 one entity bought it for $425,000, and then it sold again in late 2020 to an entity called Capital Foresight Limited Partnership. The price then was $6 million.
The Cahuenga and Franklin project, which CGI says could break ground in 2025 and wrap at the end of 2027, would represent another sizable residential addition to Hollywood. In recent years the neighborhood has seen an influx of modern apartment buildings, and developers have planned even more, including a seven-story, 151-unit proposal from Grubb Properties and a 128-unit tower from DM Development and Massachi Industries.
The City of L.A. is planning on more construction: Early this month officials signed off on a new zoning update for the Hollywood area that accounts for 35,000 more units.
Cohen, a longtime developer who is also an Israeli military veteran, founded CGI+ in 2013. The firm has a current portfolio of more than a dozen properties around L.A., including another apartment project on La Brea Avenue. The firm also developed Mariposa, a major Koreatown complex, which it listed for sale in late 2021.
Read the original article written by Trevor Bach and researched by Christian Bautista on the RealDeal.com here: https://therealdeal.com/la/2023/05/22/gidi-cohens-cgi-plans-20-stories-of-apartments-in-hollywood/
