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Onni Group plans 14-story office complex in Hollywood
The developer paid $40M for the site, which is in an Opportunity Zone
In one of the larger construction project filings in Los Angeles since the coronavirus took hold, Onni Group is seeking to build a 215,000-square-foot office tower in Hollywood.
An entity controlled by Onni president Rossano De Cotiis filed with the city to build the 14-story tower at 6381 Hollywood Boulevard, records show. The plan would involve demolishing a set of low-rise commercial buildings.
The Vancouver-based firm that has become one of downtown L.A.’s biggest residential developers bought the site in December for $41 million. It is located in a federal Opportunity Zone and a Tier 4 Transit Oriented Communities zone.
Matt Dzurec of the law firm Armbruster Goldsmith & Delvac is representing Onni on the project. Representatives for the development firm did not immediately return a call for comment.
Onni’s largest proposed project in the city, Times Mirror Square, was dealt a massive setback last month. Citing concerns over its lack of affordable units and Onni’s plans for city allocation fees, city planning commissioners ruled it had to redesign the 1.5 million-square-foot, two-tower mixed-use development.
Onni also acquired some existing investment properties around Southern California last year. It paid around $630 million for the 1-million-square-foot Wilshire Courtyard office campus on the Miracle Mile.
It also acquired Decron Properties’ 300,000-square-foot office tower in Huntington Beach for $97.3 million.