CGI+, the investment and development firm founded by Gidi Cohen, has submitted plans for the renewal of a large apartment complex in Hollywood Center.
The project will 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, registered with the Los Angeles City Planning Department on Friday, calls for a 20-story project with 244 units and nearly 20,000 square feet of commercial space.
It’s a slightly different design from what CGI had previously envisioned. According to CGI’s website, the company entered into a joint venture agreement with the owner in 2021 to build a 22-story building with 222 units and 18,500 square feet of commercial space.
According to CGI’s website, the complex will feature a roof terrace, courtyards and an outdoor swimming pool. A smaller apartment building, most recently refurbished in the early 1970s, is currently on site and will be demolished before CGI can construct the new complex.
The roughly quarter-acre lot has rarely changed hands over the decades. An entity bought it for $425,000 in 1998, then sold it again in late 2020 to an entity called Capital Foresight Limited Partnership. The price at the time was $6 million.
The Cahuenga and Franklin project, which could break ground in 2025 and be completed by the end of 2027, will be another major residential project in Hollywood, CGI said. The neighborhood has seen an influx of modern apartment buildings in recent years, and developers have plans for more, including a seven-story, 151-unit proposal by Grubb Properties and a 128-unit tower by DM Development and Massachi Industries.
The city of Los Angeles is planning more construction: Earlier this month, officials signed off on a new zoning update in the Hollywood area that will add 35,000 new units.
Cohen is a veteran developer and Israeli military veteran who founded CGI+ in 2013. The company now owns a dozen properties around Los Angeles, including another condo project on La Brea Boulevard. The company is also developing Mariposa, Koreatown’s main mixed-use complex, which will come up for sale in late 2021.
