What to do when you want to build a 20-story residential building on the site of a century-old apartment building in Hollywood? For CGI+, the answer was to move the historic building three miles.
The Woodland Hills-based developer has applied for permits to relocate the 24-unit Mediterranean-style complex from 1830 North Cahunga Avenue to 4853-4857 Melrose Avenue in East Hollywood, According to reports, Los Angeles urbanized.
The 1920s building will be replaced by a 244-unit high-rise at Cahuenga and Franklin Avenue.
After the move, the sage-hued apartment will still have two dozen units, three of which will be reserved for very low-income families to afford.
The affordable portion would qualify the project for a density bonus, allowing for more housing than local zoning rules allow.
The restoration, designed by Downtown Los Angeles’ Architectural Resources Group, will include apartments ranging in size from 210 to 392 square feet. The building sits on nearly a third of an acre and will retain its original appearance and color. A timetable for the relocation was not disclosed.
Last renovated in the 1970s, the apartment building was purchased in 2020 by Capital Foresight Limited Partnership for $6 million, or $250,000 per apartment.
In 2021, Capital Foresight signed a joint venture agreement with CGI led by Gidi Cohen.
Plans call for converting the quarter-acre condominium into a 20-story, 244-unit tower with nearly 20,000 square feet of shops and restaurants.
The white high-rise, designed by downtown’s AC Martin, will have tiered balconies and gothic arches at the top and bottom, according to renderings. It will include a roof terrace, courtyards and a swimming pool.
CGI+ said the project is awaiting approval and is expected to break ground in 2025 and be completed in 2027.
Cohen, a longtime developer and Israeli military veteran, founded the company, formally known as CGI+ Real Estate Investment Strategies, in 2013.
CGI+ owns a dozen properties in Los Angeles, including an apartment complex on La Brea Avenue. The company also developed Mariposa, a 122-unit apartment building in Koreatown that hit the market in 2021 for $79.5 million.
— Dana Bartholomew
