The real estate development firm LI Investments is planning a six-story, 32-unit apartment at 5600 W. Hollywood Boulevard in Hollywood. Three of the units will be designated affordable.
L.A.-based LI Investments, which is now seeking building permits, purchased the 9,580-square-foot site in April 2015 for $3 million, according to Real Capital Analytics.
The M-Rad Architecture-designed project will also include 1,300 square feet of ground-floor retail space, Urbanize reported. Renderings of the mid-rise structure, located on the corner of Hollywood Boulevard and Western Avenue, portray a modern podium-type building with floor-to-ceiling glass windows.
The Los Angeles Department of City Planning has already approved the project. That’s after the Central Area Planning Commission rejected a boutique hotel proposed on the site in 2016, citing issues with its height.
The company is also behind a multifamily project in 5914 Saturn Street, along with a five-story mixed-use project dubbed Chandler Village, a 10,000-square-foot home at 605 N. Palm Drive and a 14-unit apartment at 14731 Burbank Boulevard in Van Nuys, according to its website.
Elsewhere in Hollywood, Reliable Properties is developing a 293-unit SunWest residential project on the corner of Sunset Boulevard and Western Avenue. That project is slated to include 33,000 square feet of ground floor retail and 15 affordable units. [Urbanize] – Natalie Hoberman