Los Angeles-based real estate investment firm CGI Strategies has plans for its biggest project yet: a mixed-use high-rise complex just south of the US-101 freeway in Hollywood.
The proposed project, filed earlier this month with the L.A. Department of City Planning, would rise from a corner lot located at 6400 Franklin Avenue and 1830 Cahuenga Boulevard. Plans call for the construction of a 20-story building featuring 223 studio, one-, and two-bedroom apartments, accompanied by 19,837 square feet of retail space at the ground and roof levels. The tower would also include parking for 282 vehicles located in two subterranean levels and a four-story podium.
Requested entitlements include density bonus incentives to permit a larger structure than would otherwise be allowed by zoning rules. In exchange, plans call for the inclusion of 27 very low-income affordable units, offsetting the 24 rent-stabilized apartments which would be relocated to a different site through a separate application to make way for the new high-rise.
AC Martin is designing the tower, named Franklin & Cahuenga for its cross streets, which would incorporate amenity decks at the podium and roof levels.
Other approvals required for the tower include a conditional use permit to allow the sale of alcoholic beverages in association with a proposed restaurant.
According to a landing page on the CGI website, a groundbreaking for Franklin & Cahuenga is expected in mid-2025, with completion scheduled for late 2027.
The tower joins a handful of similar mixed-use high-rise developments planned for sites north of the Walk of Fame in Hollywood, such as the 30-story apartment tower slated for 6220 Yucca Street and the $1-billion Hollywood Center complex.
CGI is no stranger to Hollywood, is currently in the midst of construction at an 86-unit apartment complex a few blocks to the west at 1818 N. Cherokee Avenue. The company's other upcoming developments include a proposed housing and hotel complex just north of the Wilshire/La Brea subway station.
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