A surface parking lot near the Hollywood Walk of Fame could make way for a new apartment building, according to plans recently submitted to the City of Los Angeles.

The property, located at 1818 N. Cherokee Avenue, is owned by Los Angeles-based development firm CGI Strategies.  Plans call for the construction of a seven-story edifice featuring 86 studio, one-, and two-bedroom apartments above a two-level, 61-car basement garage.

Requested entitlements include a conditional use permit and density bonus to permit a larger project than would be typically allowed under the property's base zoning.  In exchange for the development incentives, CGI would set aside 21 apartments as deed-restricted affordable housing at the very low-income level.

Togawa Smith Martin is designing the proposed development, which is depicted in renderings as a contemporary podium-type building consisting of five levels of wood-frame construction above a concrete base.  Architectural plans show that in addition to housing, the project would include a gym, a clubhouse, and a rooftop pool deck.

Several similar housing developments are now planned or under construction in the neighborhood surrounding 1818 Cherokee, including a six-story, 224-unit apartment complex one block south at 1718 Las Palmas Avenue.

Woodland Hills-based CGI Strategies has several other projects under construction or in predevelopment in the City of Los Angeles, including two apartment buildings in Koreatown and a proposed hotel and condo complex near the Wilshire/La Brea subway station.