CGI Strategies plans 86-unit apartment complex in Hollywood

Development firm has several projects in works; latest one includes substantial affordable component

Los Angeles /
Aug.August 10, 2020 12:00 PM
Gidi Cohen and Adrian Goldstein with the property (Credit: Google Maps)
Gidi Cohen and Adrian Goldstein with the property (Credit: Google Maps)

CGI Strategies is moving ahead with plans for another multifamily development project in Los Angeles, this one in Hollywood.

An entity tied to the Woodland Hills-based firm filed plans to build an 86-unit apartment building at 1818-1824 N. Cherokee Avenue, property records show. Twenty-one units would be reserved for “very low income” residents. The 80-foot-tall building would have 61 parking spaces and 10,500 square of open space. An existing parking lot would be demolished to make way for the complex.

CGI founder and president Gidi Cohen manages the entity, Cherokee Bliss LLC, which is named in the filing. It picked up the development site for $1.75 million in December. CGI did not immediately return a request for comment.

The site is eligible for entitlements through the city’s Transit Oriented Communities program. The TOC program provides entitlements for projects near transit, allowing developers to increase the project size in exchange for setting aside a certain percentage below market rate.

CGI has a rolling list of projects in various stages. In mid-March, it secured around $48 million in construction financing for its 200-unit development in Koreatown.

And in the fall, the firm sold a recently completed 60-unit development in Koreatown for $30 million.

CGI is also working on a condo-hotel project on La Brea Avenue.


Related Articles

arrow_forward_ios
Langdon Park Capital’s Malcolm Johnson with 1829 East Workman Avenue
Langdon Park Capital buys $49M West Covina apartments
Langdon Park Capital buys $49M West Covina apartments
Laguna Point Properties’ founding principal Barry Shy and 111 W 7th Street (Getty Images, Google maps)
Barry Shy didn’t disclose defects in $400M deal: suit
Barry Shy didn’t disclose defects in $400M deal: suit
Harbor Group International's Jordan Stone and 230 West 3rd Street, 101 Alamitos Avenue and 434 East 4th Street (Harbor Group International, Realtor, Loopnet, Getty)
Harbor Group buys multifamily portfolio in Long Beach for $180M
Harbor Group buys multifamily portfolio in Long Beach for $180M
Dae Yong Lee and a rendering of the new apartment complex in Westlake (LA City Planning, Illustration by Priyanka Modi for The Real Deal with Getty)
Development firm linked to bribery convict plans Westlake apartment project
Development firm linked to bribery convict plans Westlake apartment project
Greenland Holdings’ Zhang Yuliang and the Thea at Metropolis tower (Getty, Thea at Metropolis)
Greenland puts Metropolis apartment tower in DTLA up for sale
Greenland puts Metropolis apartment tower in DTLA up for sale
Ledcor CEO Dave Lede and Build Group CEO Nathan Rundel with 777 East Ocean Boulevard, Long Beach (Shoreline Gateway Living, Build GC, Ledcor)
Developer of Long Beach’s tallest building hit with $3M lawsuit
Developer of Long Beach’s tallest building hit with $3M lawsuit
Langdon Park Capital's Malcolm Johnson (iStock, Langdon Park Capital)
Kennedy Wilson JV spends $37M on first LA multifamily buys
Kennedy Wilson JV spends $37M on first LA multifamily buys
From left: Pacific Urban Investors’ Alfred Pace and SPI Holdings' Dennis Wong with 5807 Topanga Canyon Boulevard (LinkedIn, Trulia)
Pacific Urban picks up Warner Center complex for $415K per unit
Pacific Urban picks up Warner Center complex for $415K per unit
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...