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Gaw Capital to build apartments and storage complex in Cypress Park

Hong Kong developer plans pair of six-story buildings along Figueroa Street.

Gaw Capital's Goodwin, Kenneth and Christina Gaw with rendering of 3200 North Figueroa Street (Gaw Capital, DFH Architects)
Gaw Capital's Goodwin, Kenneth and Christina Gaw with rendering of 3200 North Figueroa Street (Gaw Capital, DFH Architects)

Hong Kong firm Gaw Capital plans to build a 227,000-square-foot residential and self-storage complex in Cypress Park.

The proposed structure, which would replace an ice cream storage facility, will consist of two six-story buildings near the Pasadena Freeway, according to documents filed with Los Angeles City Planning Department. The documents call for a 119,900-square-foot, 160-unit apartment complex at 3200 North Figueroa Street. The structure will contain a mix of 145 studios, five one-bedroom units and 10 two-bedroom apartments. That portion of the site will also include ground floor retail and a level of subterranean parking.

Gaw also plans to construct a 106,800-square-foot self-storage facility at 3220 North Figueroa Street. Meanwhile, an existing portion of the complex, a two-story, 16,300-square-foot building at 3232 North Figueroa, has been identified as the site of a future conversion project.

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The firm bought the site for $14.3 million in April 2019, according to data from PropertyShark. Since the acquisition, the property has been put up for lease. According to a marketing brochure from advisory firm Beta Agency, previous plans for the site included a 170-unit live-work residential complex with 35,400 square feet of retail space. A portion of the site was earmarked for conversion into office and production space.

Gaw Capital and its partner DJM Capital are overseeing the $100 million redevelopment of the home of the TCL Chinese Theater in Hollywood. The joint venture, which acquired the property in a $325 million deal in 2019, plans to add 100,000 square feet of office space to the site at 6801 Hollywood Boulevard.

Gaw and DJM Capital bought the property from CIM Group, which retained ownership of the Dolby Theatre, a 180,000-square-foot auditorium on the complex. The Dolby Theatre is the venue for the Academy Awards. The property at 6801 Hollywood Boulevard, a 463,000-square-foot complex located near the Hollywood Walk of Fame, was recently renamed Ovation Hollywood.

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